HDFC Q2 net profit up 32% at Rs3,780.5 cr

Housing Development Finance Corporation (HDFC), the country’s largest mortgage lender, on Monday reported a stand-alone net profit of Rs3,780.5 crore for the quarter ended 30 September 2021, posting a 31.7 per cent increase year-on-year.

The corporation had posted a net profit of Rs2,870 crore in the same period a year ago.
HDFC’s total income during the July-September 2021-22 quarter rose to Rs12,226.39 crore, against Rs11,732.70 crore in the same period of FY21, HDFC said in a regulatory filing. 
On a consolidated basis, the net profit in the reported quarter stood at Rs5,670.47 crore, up from Rs5,035.41 crore in the year-ago period, HDFC said.
Total income on a consolidated basis rose to Rs38,603.51 crore from Rs34,090.45 crore.
''The demand for home loans 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 augur well for the housing sector,'' HDFC said in the filing.
During the half-year ended 30 September 2021, individual approvals and disbursements grew 67 per cent and 80 per cent, respectively, compared to the corresponding period of the previous financial year, it said.
HDFC's net interest income - the difference between interest earned and interest paid - increased 12.7 per cent year-on-year to Rs4,108.5 crore.
HDFC's assets under management stood at Rs5.97 lakh crore as of 30 September 2021, up 10.6 per cent year-on-year and up 4 per cent sequentially.
The AUM growth is the highest recorded in the five quarters on a year-on-year basis, and the highest in 13 quarters on a quarter-on-quarter basis.