The country’s largest mortgage lender HDFC Ltd. has posted 25% growth in its net profit to ₹2,467 crore for the quarter ended September 30, aided by steady loan growth and income from stake sale in subsidiary.
The lender recorded 17% loan growth on an Assets Under Management (AUM) basis as on September 30, with 18% growth in the individual loan book and 13% growth in the non-individual loan book. The average size of individual loans was ₹27 lakh.
The spread for the quarter was steady at 2.28%. Keki Mistry, vice-chairman, HDFC Ltd., said the numbers were not strictly comparable on a year-on-year basis as HDFC Bank has paid a dividend in the second quarter of the last financial year while for the current financial year, dividend was paid in the first quarter.
In addition, there were income from the stake sale in the asset management company in the second quarter of this financial year.
The non-performing assets (NPAs) ratio in the individual loan portfolio stood stable at 0.66%, while the same for non-individual portfolio stood at 2.18%.
HDFC made a provision of ₹5,071 crore against a regulatory requirement of ₹2,951 crore.
HDFC have some indirect exposure to the IL&FS group by way of funding a building but that was fully secured with lease-rentals, and were being paid on time, he added.
“Though the asset is standard, we have made a 37% provision for the same,” he said.