HDFC Q2 net up 19% at Rs 1,151 cr
The company had posted a net profit of Rs 970.70 crore on the standalone basis in the same period last year.
The company's total income increased to Rs 5,277.2 crore during the September quarter from Rs 4,169.14 crore in the corresponding period last fiscal.
HDFC Vice Chairman and Chief Executive Keki Mistry attribued profit growth to a spurt in advances to the retail borrowers who accounted for 78 per cent of the credit growth.
The growth in individual loans was about 31 per cent and the average loan size now stands at Rs 21.5 lakh.
HDFC's gross non-performing assets ratio improved to 0.77 per cent of the advances compared to 0.82 per cent in year-ago period, making this quarter the 31st consecutive quarter when it showed an improvement.
Asset book grew 22 per cent up to Rs 1,55,128 crore, helping it to achieve an 18 per cent rise in the net interest income at Rs 1,634 crore.
"HDFC reported proft after tax was in line with estimate, however net operating income was 5 per cent below our estimate reported," Rikesh Parikh, VP-Markets Strategy and Equities, Motilal Oswal Securities said.
The company scrip closed at Rs 750.50 on the BSE, down 0.21 per cent from its previous close.
The company saw a 0.07-0.08 per cent