HDFC Q2 Profit Hits Rs 1358 Crore

HDFC, India’s largest private sector mortgage lender posted a 7 per cent year-on-year rise in standalone net profit to Rs 1,358 crore during the second quarter against Rs 1,266 crore in the year-ago period.

Standalone revenue was up 12 per cent to Rs 6,635 crore in the July-September quarter.

On a consolidated basis, HDFC’s net profit gained 9 per cent to Rs 2,064 crore and total income was up 16 per cent to Rs 11,608 crore. The company’s major subsidiaries include HDFC Standard Life Insurance, HDFC Ergo General Insurance and HDFC Asset Management.

At the end of September 30, HDFC had a loan book of Rs 2.12 lakh crore, compared with Rs 1.85 lakh crore in the year-ago quarter.

“Of the total loan book, individual loans comprise 71 per cent. Further, 81 per cent of the incremental growth in the loan book during the period came from individual loans,” HDFC said.

Its total assets increased 13 per cent to Rs 2.38 lakh crore. As of September 30, its gross non-performing loans stood at Rs 1,472 crore, equivalent to 0.69 per cent of the loan portfolio, versus 0.79 per cent a year ago.