Private sector mortgage lender HDFC reported a 21.6% decline in net profit for the quarter ended March 31, 2017, at Rs 2,044.20 crore against Rs 2,607.05 crore in the same period previous fiscal. Total income on a standalone basis fell to Rs 8,514.51 crore compared with Rs 9,225.72 crore in the comparable period previous fiscal.

During the quarter, the corporation sold shares of HDFC Standard Life Insurance Company for a consideration of Rs 1,513 crore, and had also created a one-time special provision of Rs 450 crore as a charge to the statement of profit and loss, HDFC said.

Growth in individual disbursements was robust in the first half of the financial year. While the impact of demonetisation was transitory, it did result in subdued disbursement growth particularly in the third quarter and part of the fourth quarter of the financial year under review. By the end of the financial year, individual disbursement growth trajectory began normalising, HDFC said.

During the year, the corporation sold individual loans amounting to Rs 16,027 crore compared with Rs 12,773 crore in the previous year. As on March 31, 2017, total individual loans outstanding in respect of loans assigned/securitised stood at Rs 41,296 crore.
Gross non performing loans as on March 31, 2017, amounted to Rs 2,378 crore.

This is equivalent to 0.79% of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.61%, while that of the non-individual portfolio stood at 1.16%. Provisions as on March 31, 2017, stood at Rs 3,067 crore, of which Rs 738 crore is on account of non-performing loans. This provision is equal to 1.02% of the loan portfolio, HDFC said.

HDFC net profit declines 22%