HDFC's Net Profit For Q3 Slumps 60%

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    The biggest mortgage lender in the country reported a 60.11 percent fall in its net profit for the third quarter of the financial year 2018-19 to Rs 2,113.80 crore. Housing Development Finance Corporation Limited (HDFC) had posted a net profit of Rs 5,263.21 crore in December 2017 ended quarter. It should be noted that the profit in the year ago period accounted for a one-time gain from its sale of investments.

    HDFC's Net Profit For Q3 Slumps 60%
     

    In the October-December 2017 and July-September 2018 quarters the lender has sold shares of its subsidiaries like HDFC Life Insurance Co and HDFC Asset Management Co as a part of the IPO process, which made up for the one-time gains. As for quarter-on-quarter analysis, the net profit rose 14 percent from September 2018 ended quarter.

    The lender's revenue from operations rose by 20.41 percent to Rs 10,450.40 crore in the October-December 2018 quarter as against Rs 8,678.73 crore in the year before. Its NII (net interest income) in the quarter under review increased by 16.6 percent to Rs 3,192 crore when compared to Rs 2,737 crore in December 2017.

    HDFC Ltd made Rs 116 crore in provisions for expected credit losses, which is lower than the Rs 401 crore made in the previous quarter (September 2018) and Rs 1,765 crore a year ago.

    Shares of HDFC Ltd was trading lower at Rs 1,909.90 a piece, down by 1.90 percent or Rs 37, after the results.

    Read more about: hdfc
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more