Housing Development Finance Corp reported a 65 per cent year-on-year decline in net profit to Rs 2,925.8 crore for the quarter ended December 2020. The company’s total revenues went down by 42.3 per cent to Rs 11,707 crore.
However, HDFC said that earnings for the December quarter was not comparable with the previous quarter as it included the earnings of Gruh Finance and on a like-to-like basis, the company’s net profit was at Rs 3,694 crore as against Rs 2,908 crore in the year-ago quarter.
At the end of the December quarter, the loans on an assets under management basis stood at Rs 5.52 lakh crore as against Rs 5.05 lakh crore same time a year ago, the company said.
The company witnessed a 26% year-on-year growth in individual loan disbursements during the quarter. The company assigned loans worth Rs 7,076 crore to HDFC Bank as compared to Rs 4,258 crore in the corresponding quarter of the previous year.
HDFC has shown improvement in overall collection efficiency ratios for individual loans. The collection efficiency for individual loans in December 2020 stood at 97.6% compared to 96.3% in September 2020.
The company reported non-performing loans in individual loans portfolio at 0.79 per cent. However, the non-bank lender said that not accounting for the Supreme Court’s standstill, the non-performing loans would be at 0.98 per cent in individual loan portfolio.