HDFC Ltd, India’s leading mortgage lender, has reported a 13 per cent rise in consolidated net profit at Rs 2,728.66 crore for the December quarter, driven by a healthy improvement in credit off-take and higher margins.
On a standalone basis, net profit rose 12 per cent to Rs 1,701 crore, compared with Rs 1,521 crore in the corresponding period a year ago.
While standalone income rose to Rs 8,137.18 crore as compared with Rs 7,268.44 crore, consolidated income increased to Rs 14,981.41 crore as against Rs 12,253.90 crore a year ago.
There was a marginal rise in bad loans, with gross non-performing assets (NPAs) rising to 0.81 per cent, or Rs 2,341 crore in absolute terms, from 0.72 per cent in the year-ago period. HDFC vice-chairman and chief executive officer Keki Mistry said the numbers are higher because the lender has not taken into consideration the 90-day grace period the regulators have given to borrowers for repayment as well as the grace period given to lenders after demonetisation.
There was a marginal uptick in NPAs from individual portfolio also, which constitutes over 70 per cent of the loan book, to 0.65 per cent, while that of the non -individual portfolio read 1.16 per cent.