The country’s largest mortgage lender HDFC (NS: HDFC ) released its earnings results for the September 2022 quarter on Thursday, posting a higher quarterly net profit on robust loan growth, beating the Street’s estimate.
Among the top 10 most valued Indian companies by market capitalization, HDFC reported an 18% YoY rise in standalone net profit at Rs 4,454 crore in the September quarter, while total revenue from operations surged 23% to Rs 15,027 crore.
The mortgage lending giant’s Net Interest Income advanced 13% YoY to Rs 4,639 crore and the asset under management rose 15.55% YoY to Rs 6,90,284 crore in the quarter.
For the Apr-Sept period (H1 FY23), HDFC’s net interest margin stood at 3.4%, while individual approvals surged 35% YoY and disbursements grew by 36%.
The mega-cap giant said that demand for home loans continued to remain strong, while growth in home loans was seen, both, in the mid-income segment and the high-end properties segment.
The mortgage lender’s individual loans accounted for 81% of the AUM, with the individual loan book growing 20% and the total loan book growing 16%.
In terms of asset quality, HDFC’s gross individual non-performing loans stood at 0.91% of the individual portfolio, while the gross non-performing non-individual loans stood at 3.99% of the non-individual portfolio, the company stated.
It added that the gross NPLs as on Sept 30 stood at Rs 9,355 crore.
HDFC Q2: Profit Beats Estimates, Revenue, NII, NIM Figures & Asset Quality
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November 03, 2022
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November 03, 2022
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