HDFC Q2 net up 18% at Rs 4,454 crore

Mortgage financier Housing Development Finance Corporation Ltd (HDFC) Thursday reported a 18 per cent jump in its standalone profit after tax at Rs 4,454 crore in the quarter ended September 2022, compared with Rs 3,781 crore in the year-ago period.

During the July-September period, it provided Rs 960 crore for tax.

On a consolidated basis, the PAT rose 24 per cent to Rs 7,042.89 crore in the reporting quarter as against Rs 5,670.47 crore in the corresponding quarter of the previous fiscal.

The net interest income (NII) grew by 13 per cent to Rs 4,639 crore in September 2022 from Rs 4,110 crore. Its net interest margin (NIM) stood at 3.4 per cent as of end-September.

The spread on loans over the cost of borrowings for the half-year ended September 30 was 2.28 per cent. The spread on the individual loan book was 1.91 per cent and on the non-individual book was 3.65 per cent.

The gross non-performing loans (NPLs) stood at Rs 9,355 crore, which is equivalent to 1.59 per cent of the portfolio, as at September 30, 2022. The gross individual NPLs stood at 0.91 per cent of the individual portfolio, while gross non-performing non-individual loans were at 3.99 per cent of the non-individual portfolio.

It carried a total provision of Rs 13,146 crore as on September 2022. The capital adequacy ratio stood at 22.5 per cent, of which tier 1 capital was 21.9 per cent and tier II capital was 0.6 per cent.

During the April-September period, the individual approvals grew by 35 per cent and disbursements by 36 per cent.

The asset under management (AUM) stood at Rs 6,90,284 crore as at September 30, 2022 as against Rs 5,97,339 crore in the same period of the previous year.

Speaking on the merger of HDFC Ltd and HDFC Bank, its vice chairman and chief executive officer Keki Mistry said the company has received approvals from various regulatory and statutory authorities, including the Pension Fund Regulatory Authority of India (PFRDA), the Insurance and Regulatory Development Authority of India (IRDAI), the Securities and Exchange Board of India (SEBI), the Competition Commission of India (CCI), the Reserve Bank of India and stock exchanges. Last month, the Mumbai bench of the National Company Tribunal (NCLT) directed the company to hold a shareholders meeting on November 25.

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