scorecardresearch
HDFC Q2 net profit rises 32% to Rs 3,780 crore

HDFC Q2 net profit rises 32% to Rs 3,780 crore

The demand for home loans continues to remain strong and growth in loans was seen in both affordable housing segment as well as high-end properties, HDFC said.

HDFC said the collection efficiency for individual loans on a cumulative basis improved to stand at over 98 per cent during the quarter ended September 30. HDFC said the collection efficiency for individual loans on a cumulative basis improved to stand at over 98 per cent during the quarter ended September 30.

Housing Development Finance Corporation (HDFC) on Monday reported a 32 per cent year-on-year rise in its net profit for July-September quarter at Rs 3,780 crore.
 
Revenue from operations rose 4.2 per cent to Rs 12,216 crore during the quarter. HDFC said its net interest income during the first half of the financial year rose 17 per cent to Rs 8,255 crore.
 
On asset front, the gross non-performing loans stood at Rs 10,341 crore at the end of September quarter, equivalent to 2 per cent of the loan portfolio.
 
"During the half-year ended September 30, 2021, individual approvals and disbursements grew by 67 per cent and 80 per cent, respectively, compared to the corresponding period in the previous year," the company said in a release.

Also Read: Amitabh Bachchan's NFT collection goes live: Here's how you can own his rare art pieces

The demand for home loans continues to remain strong and growth in loans was seen in both affordable housing segment as well as high-end properties, it said, adding that the increasing sales momentum and new project launches augur well for the housing sector.
 
The average loan size stood at Rs 32.7 lakh during the September quarter, while the assets under management stood at Rs 5,97,339 crore at the end of September quarter as against Rs 5,40,270 crore in the previous year.

HDFC said the collection efficiency for individual loans on a cumulative basis improved to stand at over 98 per cent during the quarter ended September 30, 2021.
 
Shares of HDFC were trading 1.6 per cent higher at Rs 2,889 on the BSE after the declartion of results.

Also Read: Maruti Suzuki sales in domestic wholesale vehicles decline by 32% in October

 

Published on: Nov 01, 2021, 3:36 PM IST
Posted by: Vinay Rai, Nov 01, 2021, 3:17 PM IST