HDFC Net Profits Fall, Declares Rs 21 Per Share Dividend

India's largest housing finance company, HDFC reported net profits that were largely in line with expectations. The firm reported a net profit of Rs 2,233 crore for the quarter ended March 31, down from Rs 2,862 crore in the corresponding quarter of the previous year.

The company has declared a dividend of Rs 21 per share. The lender has made a provision of Rs 1,274 crore, including impact for Covid.

Dividend income during the quarter was just Rs 2 crores, as some of the subsidiaries of the company did not declare dividend, due to the abolishment of dividend distribution tax.

HDFC's capital adequacy ratio stood at 17.7% of which Tier 1 capital was 16.6% and Tier II was 1.1%.

The gross non performing assets as on March 31, 2020 stood at 1.99 per cent of the total loan portfolio.