Mumbai: Mortgage major HDFC on Monday reported a 76 % jump in consolidated net at Rs 10,748 crore in the quarter to September, driven by the one-time gains from share sale in Gruh Finance and a massive spike in dividend income.
On a standalone basis, the pureplay mortgage player booked a net income of Rs 3,962 crore, up by 61 % from the year-ago period.
"There were many positives during the quarter--net interest margin was stable, spreads were 1 bps higher than what they were in the previous year,
NPAs did not show any significant change, and growth was good in the individual loan segment. Also, we had profit on sale of Gruh shares and lower tax regime," vice-chairman and chief executive Keki Mistry told reporters.
The company booked a profit of Rs 1,627 crore from a part stake sale in Gruh Finance during the quarter.
Another big boost came form of a massive spike in dividend income during the quarter worth Rs 1,074 crore from a paltry Rs 6 crore in the previous year.
Total income grew 63 % to Rs 3,866 crore from Rs 2,378 crore, while net interest income rose 17 % to Rs 3,021 crore.
The spread on the individual loan book was 1.93 %, which for the non-individual book stood at 3.08 %. Net interest margin stood at 3.3 %, same as the previous year.