MUMBAI: Housing Development Finance Corporation (HDFC) on Monday reported a 54 per cent jump in its standalone net profit at Rs 2,190 crore for the first quarter ended June, 2018 as against a net profit of Rs 1,424 crore in the corresponding period a year ago.
Total income during the quarter under review shot up by 20 per cent at Rs 9,952 crore from Rs 8,290 crore in the previous year, while revenue from operations increased to Rs 9,883 crore compared with Rs 8,260 crore. The respective consolidated figures were not provided by the company.
Net interest income, or core income, during the June quarter rose 20 per cent over the previous year to Rs 2,412 crore, while net interest margin stood at 3.5 per cent. The company’s capital adequacy ratio stood at 1.63 per centProvisions against bad loans fell to Rs 19.7 crore from Rs 163.3 crore in the previous quarter, which had included a one-time provision for the contingencies account.
Gross NPA ratio stood at 1.18 per cent of the total advances compared with 1.11 per cent in the previous quarter. Net bad loan ratio in the individual loan portfolio was 0.66 per cent, while 2.32 per cent for the non-industrial portfolio. The board of directors on Monday also approved issuing bonds up to Rs 35,000 crore on a private placement basis. Besides, it has also been allowed to raise up to $1.5 billion by tapping foreign sources through external commercial borrowings route, HDFC said.
Loan book growth
HDFC’s individual loans, which comprise 72 per cent of its total assets, grew by 19 per cent, while non-individual loan book grew 18 per cent.