HDFC Net Up 18 Percentage on Healthy Loan Growth

Published: 29th July 2015 05:03 AM  |   Last Updated: 29th July 2015 05:03 AM   |  A+A-

MUMBAI: Country's largest mortgage lender HDFC reported an 18 per cent growth in consolidated net profit at Rs2,204 crore on the back of a healthy 19 per cent loan growth in the three months to June.

Its consolidated net profit during the April-June quarter of the previous fiscal was at Rs1,872.90 crore.

The growth in bottomline was, however, limited by a deferred dividend payout by HDFC Bank worth Rs315 crore, which has been pushed to the second quarter.

In the previous financial year, the company had received a dividend of Rs269.35 crore from HDFC Bank in June 2014.

HDFC Net.jpg“To this extent, the results of the first quarter of the current year are not comparable with the corresponding quarter the previous year,” the bank said.

Consolidated income rose to Rs11,440.62 crore from Rs10,056.07 crore in the year-ago period.

On standalone basis, net profit stood at Rs1,361 crore in the reporting quarter compared to Rs1,344.66 crore.

Gross NPAs stood at 0.69 per cent compared to 0.70 per cent in the corresponding quarter a year ago. The NPAs of individual portfolio stood at 0.54 per cent, while that of the non-individual portfolio stood at 1.04 per cent.

“Non-individual loans declined as there were two large loans, which were repaid as per schedule. Otherwise, growth is fairly good,” vice-chairman Keki M Mistry told reporters.

The spread on loans over the cost of borrowings stood at 2.31 per cent against 2.29 per cent a year ago.

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