Mumbai : Mortgage lender HDFC on Monday reported a 54 per cent increase in standalone net profit at Rs 2,190 crore in the June quarter, helped by the Rs 511 crore dividend it received from HDFC Bank and better asset quality.
Its profit after tax was at Rs 1,424 crore in the same period last year.
The housing finance company adopted the new accounting standard – Ind As – from the June quarter for its standalone financials.
“The increase in profit was on account of dividend from HDFC Bank, which normally gives in the second quarter, but has given dividend in the first quarter and also on good asset quality,” it’s vice chairman and chief executive officer, Keki Mistry said on Monday.
The net interest income grew 20 per cent at Rs 2,890 crore during the reporting quarter, against Rs 2,412 crore in the year-ago period.
The net interest margins stood at 3.5 per cent, compared with 3.4 per cent last year. The spread on loans over the cost of borrowings for the June quarter stood at 2.28 per cent, while the spread on individual loan book was 1.91 per cent and on the non-individual book was 3.14 per cent.
The gross non-performing loans stood at 1.18 per cent, against 1.11 per cent in the year-ago quarter.
The non-performing loans of the individual portfolio stood at 0.66 per cent, while that of non-individual portfolio stood at 2.32 per cent.
As on June 30, 2018, the lender’s loan book stood at Rs 3,71,988 crore, compared with Rs 3,13,573 crore as on June 30, 2017.
