HDFC Q3 Results: Profit Up 13% On Higher Core Income
HDFC's net profit for the quarter stood at Rs 3,691 crore, compared with Rs 3,261 crore a year ago.
India's largest mortgage financier, Housing Development Finance Corporation Ltd., saw its profit rise 13% year-on-year in the quarter ended Dec. 31 on higher core income.
Net profit for the quarter stood at Rs 3,691 crore, compared with Rs 3,261 crore a year ago. On a quarter-over-quarter basis, profit after tax fell 17%.
The net interest income, or core income, for the lender rose 13% from a year ago to Rs 4,840 crore. Other operating income halved to Rs 213.63 crore.
Assets under management rose beyond Rs 7 lakh crore as of Dec. 31, compared with Rs 6.2 lakh crore a year ago, representing a 13.3% growth. Individual loans were up 18% year-on-year and constituted 82% of the total book.
Asset quality for the housing financier improved, with the gross non-performing asset ratio improving by 10 basis points sequentially to 1.49%. Individual bad loans stood at 0.86%, while wholesale bad loans made up 3.86% of the portfolio.
Gross stage 3 assets, which include loans in default for more than 90 days, stood at Rs 10,951 crore, down 3.5% sequentially. HDFC had Rs 6,127 crore's worth of provisions against these accounts.
As of Dec. 31, the company carried a total provision of Rs 13,274 crore. The provisions carried as a percentage of the exposure at default are equivalent to 2.21%.
