Loan growth pushes HDFC to net Q3 up 11%


Mortgage company HDFC on Wednesday reported an 11% growth in its standalone net profit for the quarter ended December 2021 to Rs 3,260.6 crore, from Rs 2,925.8 crore in the same quarter last year.

The company’s total operating revenue rose to Rs 11,783.6 crore in December 2021 from Rs 11,707 crore a year ago. Net interest income was Rs 4,284 crore in Q3FY22, compared to Rs 4,005 crore in the prior year quarter. The net interest margin was 3.6%.

Home loan demand and the loan application pipeline remain strong, said HDFC Vice President and General Manager Keki Mistry.

“Growth in home loans has been seen in both the affordable housing segment and in high-end properties. The growing sales momentum and new project launches bode well for the housing sector,” he added.

As of December 31, 2021, individual gross non-performing assets (NPA) represented 1.44% of the individual portfolio, while non-individual gross non-performing loans represented 5.04% of the non-individual portfolio.

Gross NPAs in December 2021 stood at Rs 12,419 Crore. This equates to 2.32% of the portfolio, HDFC said.

Of the total reported gross NPAs, Rs 2,746 crore includes loans past due less than 90 days in December 2021. Net NPAs of loans past due less than 90 days at the end of December were 1.14% for individuals, 3.87% for non-individuals and 1.81% for the total portfolio.

Assets under management (AUM) stood at Rs 6,18,917 crore in the third quarter against Rs 5,52,167 crore in the previous year. Individual loans account for 79% of AUM, HDFC said.


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