HDFC Q1 net profit up 1.21%
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Housing Development Finance Corporation (HDFC), India’s largest mortgage lender, net profit increased by only 1.21 percent to Rs 1,360.98 crore from Rs 1,344.66 crore in the April-June quarter a year ago.
The loan book jumped by 13.6% to Rs 2,31,224 crore at the end of June quarter compared to Rs 2,03,384 crore a year ago. In the last twelve months, loans worth Rs 10,949 crore were sold and after adding this amount the lender recorded a growth in the individual loan portfolio of 23%. The growth in the non-individual loan portfolio was recorded at 10%.
Asset quality improved slightly with gross non-performing loans at the end of June quarter at 0.69% of the loan portfolio compared to 0.70% a year ago. The non-performing loans of the individual portfolio stood at 0.54% while that of the non-individual portfolio stood at 1.04%.
Net Interest Margin for the quarter ended June declined marginally to 3.8% compared to 4% in quarter ended March.
The Non Banking Financial Company remained well capitalised as the Capital Adequacy Ratio without reducing the investment in HDFC Bank from Tier I capital, while treating it as a 100% risk weight stood at 18.2%.
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