HDFC Q2 results: Net profit falls 28% to Rs 2,870 crore
BusinessToday.In November 2, 2020
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.