HDFC Q1 net profit jumps 46% at Rs 3,203 crore, NII up 43%

HDFC

Housing Development Finance Corporation (HDFC) has reported 46 percent jump in its Q1FY20 net profit at Rs 3,203.10 crore against Rs 2,190 in the same quarter last year.

Net interest income (NII) was up 42.9 percent at Rs 3,129.8 crore against Rs 2,190 crore, YoY.

The profit on sale of investment at Rs 1,894 crore, while impairment on financial instruments at Rs 890 crore versus Rs 20 crore, YoY.

The company board approved the issuance of secured redeemable non-convertible debentures aggregating to Rs 45,000 crore, in one or more tranches, on a private placement basis.

The company’s loan book grew 11.2 percent at Rs 4.16 lakh crore. Gross NPAs were up marginally at 1.29 percent against 1.22 percent, QoQ.

The bank’s individual gross NPA stood at 0.72 percent, while non-individual gross NPA was up at 2.68 percent, QoQ.

The net interest margin remained unchanged at 3.3 percent.

At 1406 hrs Housing Development Finance Corporation was quoting at Rs 2,124.85, up Rs 37.30, or 1.79 percent on the BSE.

News Source: Moneycontrol

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