August 10, 2022 17:34 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
West Bengal: 9 dead in govt bus-autorickshaw collision in Birbhum | BJP only knows to divide people: Tejashwi Yadav with Nitish Kumar as they stake claim to form Bihar govt | Nitish Kumar to take oath as CM of Grand Alliance tomorrow, Tejashwi Yadav as deputy | Split between Nitish Kumar's JD(U) and BJP on cards? Decision tomorrow | India's badmin icon PV Sindhu clinches maiden CWG women singles gold
HDFC Q3 result: Net Profit grows 11.4 pc YoY to 3,261 cr HDFC Q3FY22 Result
Image Credit: Unsplash

HDFC Q3 result: Net Profit grows 11.4 pc YoY to 3,261 cr

India Blooms News Service | @indiablooms | 03 Feb 2022, 01:51 am

Mumbai/IBNS: Housing Development Finance Corporation (HDFC) declared an 11.4 percent year-on-year (YoY) growth in net profit at Rs 3,260.7 crore for the quarter ended December.

The biggest housing finance company said its net interest income grew 7 percent on-year to Rs 4,284 crore, riding on its individual business, which grew 16 percent in the reported quarter on assets under management (AUM) basis.

"The demand for home loans and pipeline of loan applications continues to remain strong. Growth in home loans was seen in both, the affordable housing segment as well as in high-end properties. The increasing sales momentum and new project launches augur well for the housing sector," HDFC told stock exchanges.

Company's strong growth pushed the overall AUM to grow 12 percent on-year to Rs 6.2 lakh crore. 

HDFC said December witnessed second-highest monthly disbursement of individual loans in the history of the company.

Further, on a cumulative basis, the collection efficiency for individual loans saw an improvement to stand at an average of 98.9 percent in the period under review, the company said.

The non-bank lender said its gross bad loans rose to Rs 12,149 crore from Rs 10,341 crore in the previous quarter, indicating a deterioration in its asset quality on a reported basis.

Also, gross non-performing assets (GNPA) ratio stood at 2.32 percent as on December 31, 2021, compared to 2 percent in Q2FY22.

GNPA ratio of individual loans portfolio stood at 1.44 percent, whereas it was at 5.04 percent for non-individual loans.

Out of the total gross bad loans, Rs 2,746 crore worth of loans are less than 90 days past due as on December 31.

"Hence, as against the reported bad loans, the NPLs net of loans that are less than 90 days past due as at December 31, 2021 is: individuals 1.14 percent, non-individuals 3.87 percent  and total portfolio: 1.81," HDFC said.

1.34 percent of HDFC's loan book has been restructured under the RBI’s Resolution Framework for COVID-19 related stress.




Related Images
FOHMA addresses press conference 01 Jan 1970, 05:30 am
Related Videos
PM Modi on Union Budget 2022-2023 01 Feb 2022, 06:28 pm
IBNS Live Business Chat 30 Dec 2021, 05:53 pm