Home finance company Housing Development Finance Corporation Ltd (HDFC) closed the Q2FY23 with a higher net profit of Rs 4,454.24 crore.
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Home finance company Housing Development Finance Corporation Ltd (HDFC) closed the Q2FY23 with a higher net profit of Rs 4,454.24 crore.
In a regulatory filing, HDFC said it had logged an operational revenue of Rs 15,027.21 crore (Rs 12,215.95 crore Q2FY22) and a net profit of Rs 4,454.24 crore (Rs 3,780.50 crore) for the period ended September 30.
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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).
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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).
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