HDFC profit marginally declines; The issuance of individual loans increased by 181%

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HDFC profit marginally declines;  The issuance of individual loans increased by 181%

HDFC Q1: The average size of HDFC individual loans was 30.9 lakhs.

The country’s largest mortgage lender, HDFC, posted a net profit of Rs 3,001 on Monday, registering a slight decrease in profit of Rs 3,051 over the same quarter last year. However, HDFC’s net interest income jumped 22% to Rs 4,147 crores, the Mumbai-based company said in a statement. The company added that earnings figures cannot be directly compared on an annualized basis due to a profit from the sale of investments of Rs 263 crores and a dividend payment of Rs 16 crores for the same period last year.

HDFC’s lending operations rose sharply during the quarter, as individual loan repayments rose 181% over the corresponding quarter of the previous year.

“The growth in housing loans was observed both in the segment of affordable housing and in the segment of elite real estate. Preference was given to real estate ready to move in, rather than under construction. “Unlocking relevant locations. Although payments in April and May of the current fiscal year were somewhat affected, business returned to normalized trends in June and July, ”HDFC said.

The average size of individual loans was Rs 30.9 million, up from Rs 29.5 million in fiscal 21. As of June 30, 2021, the value of assets under management was Rs 5.74 million, up from Rs 5.31 million in the previous year.

Selected NPAs have increased due to disruptions due to the impact of the second wave of the pandemic. The collection efforts were hampered by the fact that recovery teams were unable to travel to the site during the isolation period. The total non-performing loans as at 30 June 2021 was Rs 11,120 crores. This is equivalent to 2.24% of the loan portfolio.

As of 11:41 am, HDFC shares were trading up 1.4% to Rs 2,475, beating Sensex, which rose 0.7%.

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