India's biggest privater sector mortgage lender HDFC reported a 39% rise in net profit for the fourth quarter to Rs 2,846.22 crore as compared to Rs 2,044 crore a year-ago.
India’s biggest privater sector mortgage lender HDFC reported a 39% rise in net profit for the fourth quarter to Rs 2,846.22 crore as compared to Rs 2,044 crore a year-ago. Earlier, a Reuters poll had estimated a 20.5% growth in net profit to Rs 2,464 crore. The bank’s total income came in at Rs 9,633.89 crore, the poll estimated as against Rs 8,514.5 crore in the year ago period. The results have come in better than expected for the country’s largest mortgage player. The stock rose 1.72 per cent to hit a high of Rs 1,889.80 on BSE this morning. Brokerage Motilal Oswal Securities expects HDFC to report 14 per cent YoY growth in profit after tax at Rs 2,340 crore for March quarter. We bring to you key figures in a nutshell.
1) HDFC has reported a net profit of Rs 2,846.22 crore as compared to Rs 2,044 crore a year-ago, implying a rise of 39.2%.
2) The total income during the quarter came in at Rs 9,633.89 crore, as against Rs 8,514.5 crore in the previous fiscal.
3) The bank’s increase in total income were helped by a 4.1% rise in net interest income to Rs 3,249.6 crore Vs Rs 3,122.6 crore in the previous fiscal.
4) Provision have risen marginally to Rs 180 crore, as compared to Rs 150 crore in the year-ago quarter.
5) HDFC has declared a dividend of Rs 16.5. The total dividend for the year rose to Rs 20, as against Rs 18 in the previous year.
6) The company has also re-appointed Keki Mistry as Vice-Chairman & CEO for the next 3 years. DM Sukhtankar has resigned as the non-executive director.
7) HDFC has recorded an AUM growth of 18% on year to Rs 5,62,701 crore from 4,74,137 crore earlier. The individual loan book growth at is at a robust 26%.