HDFC Q2 net profit up 32%

Housing Development Finance Corporation (HDFC) Ltd reported a 31.7 per cent jump in its standalone net profit for the second quarter of the fiscal at ₹3,780.5. Its net profit was ₹2,870.12 crore in the corresponding quarter last fiscal.

The net interest income for the half year ended September 30, 2021 stood at ₹8,255 crore compared to ₹7,039 crore in the previous year, representing a growth of 17 per cent.

The reported Net Interest Margin was 3.6 per cent.

“The demand for home loans continues to remain strong. Growth in home loans was seen in both the affordable housing segment as well as in high end properties. The increasing sales momentum and new project launches augurs well for the housing sector,” HDFC said in a statement on Monday.

During the half-year ended September 30, 2021, individual approvals and disbursements grew by 67 per cent and 80 per cent respectively compared to the corresponding period in the previous yea

Individual disbursements in the month of October 21 were the highest ever in a non-quarter end month, it further said.

The collection efficiency for individual loans on a cumulative basis improved to stand at over 98 per cent during the quarter ended September 30, 2021.

The provisions as at September 30, 2021 stood at ₹13,340 crore

As per regulatory norms, the gross non-performing loans as at September 30, 2021 stood at ₹10,341 crore. This is equivalent to 2 per cent of the loan portfolio compared to 2.24 per cent as on June 30, 2021.

As at September 30, 2021, loans restructured under the RBI’s Resolution Framework for Covid-19 Related Stress (OTR 1 & 2.0) was equivalent to 1.4 per cent of the loan book (as at June 30, 2021: 0.9 per cent of the loan book). Of the loans restructured, 63 per cent are individual loans and 37 per cent are non-individual loans. Of the total restructured loans, 35% is in respect of just one account.