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HDFC Q2 results: Net profit falls 28% to Rs 2,870 crore

HDFC Q2 results: Net profit falls 28% to Rs 2,870 crore

Mortgage lender Housing Development Finance Corporation (HDFC) on Monday reported a 27.6 per cent fall in net profit after tax at Rs 2,870.1 crore in the second quarter of FY21 as against Rs 3,961.5 crore in the year-ago period

The net interest income (NII) for the quarter ended September 30, 2020 stood at Rs 3,647 crore The net interest income (NII) for the quarter ended September 30, 2020 stood at Rs 3,647 crore

Mortgage lender Housing Development Finance Corporation (HDFC) on Monday reported a 27.6 per cent fall in net profit after tax at Rs 2,870.1 crore in the second quarter of FY21 as against Rs 3,961.5 crore in the year-ago period. The housing financier had reported a 15 percent rise in consolidated net profit at Rs 4,059 crore for June quarter, 2020-21.

Consolidated profit after tax attributable to the corporation for the quarter ended September 30 stood at Rs 4,600 crore.

Total revenue from operations stood at Rs 11,727.96 crore in Q2FY21, as compared to Rs 13,487.44 crore in the corresponding period of last year.

The net interest income (NII) for the quarter ended September 30, 2020 stood at Rs 3,647 crore compared to Rs 3,021 crore in the previous year, representing a growth of 21 per cent.

The spread on loans over the cost of borrowings for thehalf yearended September 30 was 2.27 per cent. The  spread  on  the  individual  loan  book  was 1.91 per cent and  on  the  non-individual book was 3.15 per cent. Net  Interest  Margin for quarter  ended September  30 stood at 3.3 per cent  and for  the half-year ended stood at 3.2 per cent.

Capital Adequacy stood at 20.7 per cent as against regulatory requirement of 14 per cent in the given quarter of FY21.

HDFC stock was trading at Rs 1,196.50 on NSE, down 1.09 per cent from the previous close at the time of reporting.

Also read: HDFC Bank Q2 net profit jumps 18% to Rs 7,513 crore; loan, card momentum improves