MUMBAI: Housing Development Finance Corp (HDFC), the country’s biggest housing finance company, has reported a consolidated net profit for the three months ended September 30 rose 9 per cent to Rs 2,064.36 crore. The lender’s total income rose to Rs 6,670.67 crore from Rs 5,953.98 crore.
Its net profit rose 7.3 per cent in the three months ended September 30 as more individuals borrowed to buy new homes.
The company reported 23 per cent rise in loans to individuals, who form 71 per cent of total loans given by it. HDFC added almost 81 per cent of its fresh loans during the quarter. Individuals have been a better bet for the lender, with non-performing loans of individuals falling to just about 0.53 percent, compared with 1.02 percent a year earlier. Its gross non-performing loans fell to 0.69 per cent of the total loan portfolio compared with 0.79 per cent in the same period in the previous earlier.