Mortgage lender HDFC on Thursday reported 5% drop in standalone net profit at ₹3,052 crore for the quarter ended 30 June, 2019. It was ₹3,203 crore in the year ago period.
The Net Interest Margin (NIM) was 3.1%, compared to 3.3% in the corresponding quarter last year.
"As of date, individual loans under moratorium 2 accounted for 16.6% of the individual loan portfolio. 22.4% of the Corporation’s total loans under management have opted for moratorium 2," the company said in a regulatory filing.
During the quarter the company made Covid-19 provisions of ₹1,199 cr. Revenue rose 0.2% at ₹13,017.7 crore as against ₹12,990.3 crore in June 2019.
The net interest income (NII) for the quarter ended June 30, 2020 stood at ₹3,392 crore as compared to ₹3,079 crore in the previous year, representing a growth of 10%.
As most part of the quarter was under lockdown to prevent spread of COVID-19, HDFC said given these circumstances, the current and previous year's numbers are not directly comparable.
"Owing to the national lockdown, the retail business was impacted during the quarter. However, successive month-on-month improvements have been seen in the individual loan business since April 2020, with June disbursements being 68 per cent of the corresponding month in the previous year and the increasing trend continuing in the month of July 2020," it said in a release.
At 2:!7 pm, the HDFC scrip on BSE was trading 2.2% lower at ₹1,836.
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