HDFC reports profit after tax of Rs 2,926 crore in Q3

Home loan lender Housing Development Finance Corporation (HDFC) said on Tuesday its profit after tax stood at Rs 2,926 crore for the quarter ended December 31, 2020 as compared to Rs 8,372 crore in the same period of previous year. The profit before tax stood at Rs 3,753 crore compared to Rs 9,143 crore in the previous year.

(HDFC) said on Tuesday its profit after tax stood at Rs 2,926 crore for the quarter ended December 31, 2020 as compared to Rs 8,372 crore in the same period of previous year. Source: Reuters

Home loan lender Housing Development Finance Corporation (HDFC) said on Tuesday its profit after tax stood at Rs 2,926 crore for the quarter ended December 31, 2020 as compared to Rs 8,372 crore in the same period of previous year. The profit before tax stood at Rs 3,753 crore compared to Rs 9,143 crore in the previous year.

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However, the company said profit numbers are not directly comparable with that of previous year due to several reasons. They include profit on the sale of part stake in HDFC Life and dividend, net gain on fair value changes and income on loans assigned, fair value gain consequent to the merger of GRUH with Bandhan Bank, charge for employee stock options and provisioning for the impact of Covid-19.

To facilitate a like-for-like comparison after adjusting for the above, the adjusted profit before tax for the quarter ended December 31, 2020 is Rs 3,694 crore compared to Rs 2,908 crore in the previous year, reflecting a growth of 27 per cent.

HDFC said the demand for home loans continued to remain strong owing to low interest rates, softer property prices, concessional stamp duty rates in certain states and continued fiscal incentives on home loans.

The month of December 2020 witnessed the highest ever levels in terms of receipts, approvals and disbursements.

During the quarter ended December 31, 2020, 91 per cent of individual disbursements entailed property deals entered over the past four months, re-affirming that housing demand remains robust and is not pent-up demand.

Individual loan disbursements grew at 26 per cent over the corresponding quarter of the previous year. Growth in home loans was seen in both affordable housing segment as well as high-end properties.

The average loan size was higher at Rs 30 lakh.

As on December 31, 2020, the loans on assets under management (AUM) basis stood at Rs 5.52 lakh crore as against Rs 5.05 lakh crore in the previous year.

The net interest income for the quarter ended December 31, 2020 stood at Rs 4,068 crore compared to Rs 3,240 crore in the previous year, marking a growth of 26 per cent.

The story has been taken from a news agency

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