The Housing Development Finance Corporation (HDFC) announced a standalone net profit of Rs 3,260.69 crore for the December quarter, an increase of 11.44 percent over the previous year’s profit of Rs 2,925.83 crore.
The overall income from operations was Rs 11,783.66 crore, compared to Rs 11,707.00 crore in the same period the previous year. Net interest income (NII) for the quarter was Rs 4,284 crore, up 6.96% from Rs 4,005 crore the previous year, according to the business. NII was expected to be Rs 4,180 crore in an ET Now survey.
The organization claimed to have had its second-highest monthly individual payouts ever in December 2021. This is despite the fact that the previous year included concessionary stamp duty incentives in some states that did not exist this year.
“The demand for home loans and pipeline of loan applications continues to remain strong. Growth in home loans was seen in both the affordable housing segment, as well as, in high-end properties. The increasing sales momentum and new project launches augur well for the housing sector,” said HDFC.
HDFC’s average size of individual loans during the nine months ending December 31, 2021, was Rs 32.3 lakh (previous year: Rs 28.5 lakh). The average loan size throughout the quarter was Rs 33 lakh. The assets under management (AUM) climbed at Rs 6,18,917 crore, up from Rs 5,52,167 crore the previous year. Individual loans account for 79% of the total AUM.
According to the corporation, collection efficiency for individual loans on a cumulative basis improved to an average of 98.9 percent for the quarter.
