HDFC Q1 posts profit Rs 3,001 cr, NII up 22%

Housing Development Finance Corp Ltd (HDFC) on Monday reported a total profit of Rs 3,001 crore in the April-June quarter compared to a profit of Rs 3,052 crore in the previous quarter. However, the company said the gross profit could not be compared directly to that of the previous quarter due to differences in the effective tax rate, dividends from dividends, among others.

HDFC (NII) interest rates per quarter increased by 22 per cent to Rs 4,147 crore, while the overall interest rate stood at 3.7%.

The lender said he had sold more than 44 shares of HDFC ERGO General Insurance Company Ltd per quarter, which resulted in tax revenue of more than R208, and also sold all 47.75 lakh shares of Good Host Spaces Private Ltd, which resulted in the acquisition of prepaid taxes. Rs 54 crore.

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The June quarter was hit by the second wave of the COVID-19 epidemic and closures were made in some provinces, however, the HDFC said the second wave was less disruptive compared to the corresponding quarter of last year when there was a nationwide ban.

The HDFC said its loan application, after repaying loans sold in the last 12 months, had grown by 22 percent, while growth in the total loan repayment after adding back loans was 12 percent.

“During the quarter ended June 30, 2021, the repayment for each loan increased by 181% over the previous quarter. .

While disbursements in April and May had some effect on the second wave, the business returned to normal operations in June and July, the company said, adding that payments in July were the highest in the non-quarter-end month.

“Payments between April and July 2021 which is four months were 108 percent of the payment rates reached in the first six months of last year,” the organization said.

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In the case of assets, large non-performing loans stand at Rs 11,120 crore as of June 30, 2021, which is 2.24 percent of the loan portfolio. The total provision stands at Rs 13,189 crore. Taken together, the total HDFC profit increased by 31 percent to Rs 5,311 crore.

HDFC shares were trading 0.48 percent higher at Rs 2452.40 on BSE in the afternoon session on Monday.

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