Housing Development Finance Corporation (HDFC) Ltd reported a 31.7 per cent jump in its standalone net profit at 3,780.5 for the second quarter of the fiscal. Its net profit stood at ₹2,870.12 crore in the corresponding quarter of the previous financial year.
Net interest income for the half year ended September 30, 2021 stood at Rs 8,255 crore as compared to Rs 7,039 crore in the previous year, representing a growth of 17 per cent.
The reported net interest margin was 3.6 percent.
“Home loan demand remains strong. Both the affordable housing segment as well as high-end properties saw an increase in home loans. HDFC said in a statement on Monday, “The increasing sales momentum and new project launches augurs well for the housing sector.
During the half year ended September 30, 2021, individual approvals and disbursements increased by 67 per cent and 80 per cent, respectively, as compared to the corresponding period of the previous year.
Individual disbursements in the month of October 21 were the highest in a non-quarter ending month, it further said.
The collection efficiency of personal loans on a cumulative basis exceeded 98 per cent during the quarter ended September 30, 2021.
The provision as on September 30, 2021 was ₹13,340 crore
As per regulatory norms, the gross non-performing loans as on September 30, 2021 stood at ₹10,341 crore. This is equivalent to 2 per cent of the loan portfolio as compared to 2.24 per cent as on June 30, 2021.
As of September 30, 2021, loans restructured under the RBI’s resolution framework for Covid-19 related stress (OTRs 1 and 2.0) amounted to 1.4 per cent of the loan book (as of June 30, 2021: 0.9 per cent of the loan book) . Of the restructured loans, 63 per cent are personal loans and 37 per cent are non-personal loans. Of the total restructured loans, 35% is in respect of only one account.
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