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HomeMarketResultsHDFC retail loan demand at 8-year high, standalone net profit rises 18%

HDFC retail loan demand at 8-year high, standalone net profit rises 18%



Mortgage financier HDFC reported an 18 per cent year-on-year (YoY) soar in standalone internet revenue in July-September (Q2FY23) quarter, aided by wholesome curiosity and barely increased dividend revenue, and retail mortgage gross sales, which hit an 8-year excessive of 36 per cent.


The financer reported a revenue after tax of Rs 4,454.24 crore within the quarter underneath assessment, beating avenue estimates, as analysts at Bloomberg had predicted a revenue of Rs 4,277 crore.


Web curiosity (NII) of the lender grew 13 per cent YoY to Rs 4,639.25 crore, on the again of wholesome credit score development. Web curiosity margin (NIM), a measure of profitability, of the lender was at 3.4 per cent in comparison with 3.6 per cent within the year-ago interval, as a consequence of lag in transmission of charge hikes.


The and rate of interest actions have had a short-term affect on the NII and to a lesser extent on the NIM, the lender stated in a press release. The company has elevated its benchmark and has incrementally shifted from a quarterly reset for particular person loans to a month-to-month reset to scale back the affect of transmission of charge adjustments, it stated.


Asset high quality of the lender improved with gross (NPAs) declining 19 foundation factors sequentially to 1.59 per cent on the finish of the September quarter. Gross NPAs for the person section stood at 0.91 per cent, whereas for the non-individual section it stood at 4 per cent.


Belongings underneath administration (AUM) of the mortgage financier rose 15.5 per cent YoY to Rs 6.9 trillion as of September quarter and adjusted for loans offered, it was up 14.3 per cent YoY to Rs 5.95 trillion. Loans to people grew 20 per cent YoY and constituted 81 per cent of complete excellent loans.


The demand for continues to stay sturdy. Progress in was seen in each the mid- section in addition to excessive finish properties, the lender stated.


“The expansion is broad-based and is going on in each a part of the nation. The metros weren’t contributing a lot to enterprise two years in the past. Now, enterprise in metros is rising at a brisk tempo,” stated Keki Mistry, vice-chairman & CEO, . The contribution of Tier-2 and beneath cities in development has come down barely, not as a result of they’ve grown slower however as a result of the metros have grown quicker, he stated.


The lender offered for Rs 473 crore within the interval underneath assessment as anticipated credit score loss and holds a provision of Rs 13,146 crore as of September 2022.


Shares of the lender closed 0.41 per cent at Rs 2,497.25 on the BSE.




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