Housing Development Finance Corporation (HDFC) on May 4 reported an 19.59 percent growth in standalone net profit at Rs 4,425.50 crore for the quarter ended March, as against Rs 3,700.32 crore, reported a year ago.
The net interest income (NII) for the quarter ended March 31, 2023 stood at Rs 5,321 crore compared to Rs 4,601 crore in the previous year, representing a growth of 16 percent.
HDFC was expected to post a 4.4 percent on-year growth in net profit for the March quarter to Rs 3,854 crore, according to a Moneycontrol poll. Net interest income (NII) was expected to rise nearly 5 percent on-year to Rs 4,752 crore, the average of estimates showed.
The Board declared an interim dividend of Rs 44 per equity share for the financial year ended March 31, 2023.
The company said as at March 31, 2023, the assets under management (AUM) stood at Rs 7,23,988 crore as against Rs 6,53,902 crore in the previous year.
As at March 31, 2023, individual loans comprise 83 percent of the AUM. On an AUM basis, the growth in the individual loan book was 17%. The growth in the total loan book on an AUM basis was 11 percent.
“The inherent demand for home loans continues to remain strong. Growth in home loans was seen predominantly in the mid-income segment and high-end properties,” the company said.
Reacting to the strong numbers, the stock price of HDFC extended its day’s gains and rose 2.31 percent to hit the 52-week high of Rs 2,859.15 on BSE.
As at March 31, 2023, the gross individual non performing loans (NPLs) stood at 0.75 percent against 0.99 percent last year of the individual portfolio, while the gross non-performing non-individual loans stood at 2.90 percent against 4.76 percent of the non-individual portfolio.