HDFC Q2 Results: Net Profit Beats Estimates On Higher Net Interest Income
Housing Development Finance Corp. Ltd. saw a sharp rise in its July-September quarter net profit on higher interest income.
Net profit of India's largest non-bank housing financier rose 18% year-on-year to Rs 4,454 crore, according to its exchange filing. That compares with the Rs 4,277-crore consensus estimates of analysts tracked by Bloomberg.
Net interest income rose 13% from a year ago to Rs 4,639 crore.
HDFC reported assets under management of Rs 6.9 lakh crore, as on Sept. 30, up 15.55% year-on-year. Adjusted for loans sold, the loan book stood at Rs 5.95 lakh crore, up 14.3% year-on-year.
Loans to individuals rose 20% from a year ago and constituted 81% of total outstanding loans. Outstanding loans to individuals stood at Rs 4.66 lakh crore at the end of the second quarter.
The spread on loans over the cost of borrowings for the half-year was 2.28%. The spread on the individual loan book was 1.91%, and on the non-individual loan book it was 3.65%, the company said in a statement.
Asset quality conditions improved, with gross non-performing asset ratio at 1.59% at the end of the second quarter, down 19 basis points sequentially.
Gross NPAs for the individual segment stood at 0.91%, while for the non-individual segment it stood at 4%.
As on Sept. 30, the corporation carried a total provision of Rs 13,146 crore. The provisions carried as a percentage of the Exposure at Default or EAD is equivalent to 2.21%.
At 2:28 pm, HDFC shares were trading at Rs 2,498.95 per share, down 0.34% from Wednesday's close.
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