HDFC’s Q3FY22 standalone net profit up 11%

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Lending major HDFC on Wednesday reported a rise of 11 per cent in its standalone Q3FY22 net profit on a year-on-year basis.

Its profit after tax rose to Rs 3,261 crore from Rs 2,926 crore in the corresponding quarter of the previous year.

Besides, the Corporation’s net interest income (NII) for the quarter ended December 31, 2021 rose to Rs 4,284 crore compared to Rs 4,005 crore in the previous year.

In terms of consolidated results, the Corporation’s profit after tax attributable to it increased to Rs 5,837 crore as compared to Rs 5,177 crore in the previous year.

The lender said that as at end December 31, 2021, loans restructured under the RBI’s Resolution Framework for ‘Covid-19 Related Stress’ was equivalent to 1.34 per cent of the loan book.

“In December 2021, the Corporation recorded its second highest monthly individual disbursements ever. This is despite the fact that the previous year entailed concessional stamp duty benefits in certain states which was not there in the current year,” it said.

“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 augurs well for the housing sector,” it said,

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