Home mortgage finance major Housing Development Finance Corp Ltd (HDFC) on Monday said it closed the second quarter of the…
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Home mortgage finance major Housing Development Finance Corp Ltd (HDFC) on Monday said it closed the second quarter of the current fiscal with Rs 2,101 crore net profit.
In a statement issued here, the company said for the quarter ended September 30, 2017, the profit after tax stood at Rs 2,101 crore as compared to Rs 1,827 crore in the corresponding quarter of the previous year, representing a growth of 15 per cent.
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This is after providing Rs 806 crore for tax as against the previous year’s figure of Rs 731 crore.
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The company earned a total income of Rs 8,760.92 crore for the quarter ended on September 30, up from Rs 8,103.15 crore earned during the corresponding period the previous year.
As on September 30, the loan book stood at Rs 324,077 crore as against Rs 275,406 crore in the previous year.
The company said it sold individual loans amounting to Rs 3,530 crore in the quarter ending September 30.
“Of this, Rs 3,165 crore was assigned to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank and Rs 365 crore was assigned to another bank,” the statement said.
As on September 30, the outstanding amount in respect of individual loans sold was Rs 43,435 crore. HDFC continues to service these loans and is entitled to the residual income on the loans sold.
Total loans sold during the preceding 12 months was Rs 15,433 crore as against Rs 13,086 crore in the previous year.
“Gross non-performing loans as at September 30 stood at 3,701 crore. This is equivalent to 1.14 per cent of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.65 per cent while that of the non-individual portfolio stood at 2.18 per cent,” the company said.
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