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HDFC Net Profits Fall, Declares Rs 21 Per Share Dividend

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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.

HDFC Net Profits Fall, Declares Rs 21 Per Share Dividend
 

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.

Read more about: hdfc
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