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HDFC Q2 Profit Up 15%, Asset Quality Stable
The gross NPAs of the housing major remained flat and the company on a consolidated basis made 19% net profits.
Housing major HDFC or Housing Development Finance Corporation reported better set of numbers for the quarter ended September with a net increase in profit of 15% to Rs 2,101 crore in contrast to Rs 1,826.5 crore in the same quarter last year. On a consolidated basis, the company's profit year on year increased 17% to Rs 2,869 crore.
NII for the Q2 also witnessed an year on year growth of 13.7% to Rs. 2612 crore.
Asset quality of the company remained largely stable and gross NPAs grew only mildly to 1.14 percent in comparison to 1.12% in the previous quarter.
Keki Mistry, Vice Chairman and CEO of the housing finance company said, ""Individual gross NPA was unchanged at 0.65 percent while non-individual gross NPA increased to 2.18 percent from 2.09 percent on sequential basis."
The stock of the company last traded with gains at 0.41% at Rs. 1705 on the BSE.
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