HDFC reports 15% jump in consolidated net profit as income surges; standalone PAT falls 5%

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Updated: Jul 30, 2020 3:28 PM

HDFC, India’s largest mortgage lender reported a 15% jump in consolidated net profit in the April-June quarter as total income rose to Rs 29,959 crore against Rs 23,239 crore in the same period last year.

HDFC Life saw protection based on individual APE at Rs 113 crore in Q1FY21 compared to Rs 75 crore in Q1 FY20 a rise of 50%.HDFC informed the bourses that it has kept aside Rs 1,199 crore as provisions to deal with the impact of the coronavirus.

HDFC, India’s largest mortgage lender reported a 15% jump in consolidated net profit in the April-June quarter as total income rose to Rs 29,959 crore against Rs 23,239 crore in the same period last year. Meanwhile, standalone numbers of HDFC saw profits slip 5% to Rs 3,051 crore. HDFC informed the bourses that it has kept aside Rs 1,199 crore as provisions to deal with the impact of the coronavirus. The life insurance segment helped the consolidated business as revenue jumped to Rs 14, 549 crore the April-June quarter.

During the quarter, standalone results showed a marginal increase in total revenue from operations to Rs 13,017 crore, largely aided by the increase in interest income. Profit before tax was at Rs 3,606 crore. On the other hand, the consolidated income was up significantly. HDFC reported a 17% jump in individual loans, while gross non-performing loans improved to 1.87%, compared to 1.99% at the end of the previous quarter. 

HDFC said that it focused on lending to AAA rated corporates during the quarter, highlighting the risk aversion in financials across the country. Retail lending business of the company was affected by the lockdown but has improved with June disbursements being at 68% of the corresponding month in the previous year. At the end of the June quarter, assets under management stood at Rs 5.31 lakh crore, against Rs 4.75 crore in the same period last year. 

On the moratorium front, HDFC saw improvement in the April-June quarter. “As of date, individual loans under moratorium 2 accounted for 16.6% of the individual loan portfolio.” HDFC said. Under moratorium 1, individual loans accounted for 22.6% of the individual loan portfolio. 27% of HDFC’s total loans were under moratorium in the first phase. Under moratorium 2, the number has come down to 22.4%.

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