HDFC Q2 profit rises 18% to Rs 4,454 crore; NII up 13%

Mortgage lender HDFC on Thursday reported an 18 per cent year-on-year (YoY) rise in net profit at Rs 4,454 crore for the September quarter compared with Rs 3,781 crore in the corresponding quarter last year.

Net interest income (NII) for the quarter rose 13 per cent YoY to Rs 4,639 crore compared with Rs crore in the year-ago quarter, the HFC said in a BSE filing.

The gross individual non-performing loans (NPLs) stood at 0.91 per cent of the individual portfolio while the gross non-performing non-individual loans stood at 3.99 per cent of the non-individual portfolio, HDFC said in a BSE filing.

The gross NPLs as on September 30 stood at Rs 9,355 crore. This was equivalent to 1.59 per cent of the portfolio.

"Based on the earlier NPL norms and to provide a like-for-like comparison with the previous year, the gross individual NPLs as at September 30, 2022 was 0.73 per cent of the individual portfolio and total NPLs was 1.44 per cent of the loan portfolio. This reflects significant improvement in the overall asset quality," HDFC said.

As on September 30, the assets under management stood at Rs 6,90,284 crore against Rs 5,97,339 crore in the year-ago quarter. Individual loans comprise 81 per cent of the AUM, the lender said.

For the September quarter, HDFC assigned loans amounting to Rs 9,145 crore to HDFC Bank. Loans sold in the preceding 12 months amounted to Rs 34,513.