HDFC Q2 Results: Net Profit Surges 24 Per Cent To Rs 7,043 Crore, NII Rises 13 Per Cent

HDFC's total income on a consolidated basis rose to Rs 43,927 crore in the said quarter from Rs 38,603 crore a year ago

During the six months, the average size of individual loans stood at Rs 35.7 lakh compared to Rs 33.1 lakh in FY22, said HDFC.

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Mortgage lender HDFC Ltd on Thursday said its consolidated net profit increased by 24 per cent to Rs 7,043 crore in the September 2022 quarter. It had reported a Rs 5,670 crore net profit in the year-ago period, HDFC said in a regulatory filing.

Its total income on a consolidated basis rose to Rs 43,927 crore in the said quarter from Rs 38,603 crore a year ago. On a standalone basis, its net profit increased by 18 per cent to Rs 4,454 crore from Rs 3,780 crore a year back.

The total income (standalone) rose to Rs 15,036 crore from Rs 12,226 crore in the same quarter last year. The net interest income (NII) for the second quarter stood at Rs 4,639 crore compared to Rs 4,110 crore in the previous year, representing a growth of 13 per cent.

Net interest margin stood at 3.4 per cent at the end of the September quarter. For the first half of FY23 HDFC registered an operational revenue of Rs 28,27.52 crore (Rs 23,873.42 crore) and a net profit of Rs 8,123.06 crore (Rs 6,781.17 crore).

The company said during the first six months individual approvals and disbursements grew by 35 per cent and 36 per cent, respectively, compared to the corresponding period in the previous year.

The demand for home loans continues to remain strong. Growth in home loans was seen in both the mid-income segment as well as high end properties. During the six months, the average size of individual loans stood at Rs 35.7 lakh compared to Rs 33.1 lakh in FY22. As at September 30, the assets under management stood at Rs 6,90,284 crore as against Rs 5,97,339 crore in the previous year, HDFC said.

According to the company, during the second quarter loans amounting to Rs 9,145 crore (Rs 7,132 crore) were assigned to HDFC Bank.

Loans sold in the preceding 12 months amounted to Rs 34,513 crore (Rs 27,199 crore). As on September 30, the outstanding amount in respect of individual loans sold was Rs 93,566 crore. HDFC continues to service these loans.

The gross non-performing loans NPLs as at September 30 stood at Rs 9,355 crore. This is equivalent to 1.59 per cent of the portfolio.

As at September 30, HDFC has carried a total provision of Rs 13,146 crore. HDFC's Expected Credit Loss (ECL) charged to the Statement of Profit and Loss for the half-year ended September 30 was lower at Rs 987 crore (Rs 1,138 crore).