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HDFC Reports 61% Increase In Q2 Profit; Shares Jump
On Monday, Housing Development Finance Corporation (HDFC) reported a 60.57 percent increase in standalone profit at Rs 3,961.53 crore for the September-ended quarter when compared to Rs 2,467.08 crore in the same period of the previous year. The profit includes a pre-tax gain of Rs 1,627 crore from the stake sale in Gruh Finance during the quarter.
Shares of HDFC jumped over 3 percent following the results to Rs 2,194 apiece on NSE.
The mortgage lender's revenue from operations for the July-September rose to Rs 10,478.33 crore from Rs 9,494.70 crore a year ago.
HDFC's net interest income was 16.5 percent higher for the quarter under review at Rs 3,021 crore than Rs 2,594 crore last year. Its provisions for the second quarter of 2019-20 were at Rs 754 crore as against Rs 890 crore in the June quarter.
The non-banking finance company's gross NPAs (non-performing assets) climbed to Rs 5,655 crore (1.33 percent) from Rs 5,315 crore (1.29 percent) in the previous quarter.
For the September-ended quarter, HDFC's total tax expenses were at Rs 568 crore which is half of Rs 1,022 crore paid in the same period of 2018.
