India's largest mortgage financier, Housing Development Finance Corp., saw its profit rise 19.6% year-on-year in the January–March quarter of fiscal 2023.
Net profit for the quarter stood at Rs 4,425.5 crore, as compared with Rs 3,700 crore a year ago. Analysts polled by Bloomberg estimated a profit of Rs 3,870 crore for the three months.
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On a sequential basis, profit after tax rose 20%.
The company also declared an interim dividend of Rs 44 per share, with a face value of Rs 2 each.
The net interest income or core income for the lender rose 15.6% from a year ago to Rs 5,321 crore.
Gross non-performing asset ratio for the lender fell by 31 basis points sequentially from 1.49% to 1.18%.
Gross stage 3 assets, which include loans in default for more than 90 days, stood at Rs 7,246 crore, down 34% sequentially. The improvement is on account of revised norms by the RBI.
Provisions for the quarter stood at Rs 12,145 crore. This is equivalent to 1.18% of the portfolio as against 1.91% in the previous year.
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