HDFC standalone profit up 11 pc on retail loan growth

Tags: News
Mortgage major HDFC today reported an 11 per cent increase in standalone net profit to Rs 1,723.1 crore in the three months ended March on a 26 per cent growth in retail loans.

"It's the volume-driven growth that we have seen in the course of the year and that is what has contributed to our profitability," Vice-Chairman and Chief Executive Officer Keki Mistry told reporters.

For the full year, HDFC's standalone profit rose 12 per cent to Rs 5,440.24 crore, while profit before dividend, sale of investments and tax stood at Rs 6,635.67 crore, reflecting a growth of 15 per cent.

On a consolidated basis, full-year net income grew 20 per cent to Rs 7,947.82 crore.

The mortgage lender's standalone net interest margin for the year stood at 4.1 per cent, up from 4 per cent in the December quarter, and the spread on loans stood at 2.29 per cent.

"In the last 10-15 years, our real spread has been between 2.2 and 2.3 per cent. We continue to believe the spread will continue to be broadly in that range," Mistry said.

Gross non-performing loans stood at Rs 1,357 crore, equivalent to 0.69 per cent of the loan portfolio, at the end of March compared with 0.77 per cent in the December quarter.

The NPA of individual portfolio stood at 0.53 per cent, while that of non-individual portfolio was 1.01 per cent.

During the quarter, HDFC received almost Rs 550 crore from the sale of Hiranandani Palace Gardens, a Chennai-based property, which became a non-performing asset in the second quarter.

The property was developed by Mumbai-based Hiranandani Group and Hirco, an ex-Hiranandani group company. HDFC declared the property an NPA after the promoters defaulted on repayment.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • For those who are left to survive a war-torn world, let there be peace

    The hunger games have begun, and they have started reaping our children. There is no way around it.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture