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Wednesday, August 05, 2020

HDFC Q1 profit rises 15% at Rs 4,059 crore

The total income rose 29 per cent to Rs 29,959 crore in April-June, 2020-21 as against Rs 23,240 crore in the same period of 2019-20, HDFC said in a regulatory filing.

By: PTI | New Delhi | Updated: July 30, 2020 2:50:12 pm
Information leaflets are displayed at a Housing Development Finance Corp. (HDFC) bank branch in Mumbai, India, on Monday, June 3, 2019. (Photographer: Dhiraj Singh/Bloomberg)

The country’s largest mortgage lender HDFC on Thursday reported 15 per cent rise in consolidated net profit at Rs 4,059 crore for June quarter, 2020-21.

The company had registered a net profit of Rs 3,540 crore in the same quarter a year ago.

The total income rose 29 per cent to Rs 29,959 crore in April-June, 2020-21 as against Rs 23,240 crore in the same period of 2019-20, HDFC said in a regulatory filing.

As most part of the quarter was under lockdown to prevent spread of COVID-19, HDFC said given these circumstances, the current and previous year’s numbers are not directly comparable.

“Owing to the national lockdown, the retail business was impacted during the quarter. However, successive month-on-month improvements have been seen in the individual loan business since April 2020, with June disbursements being 68 per cent of the corresponding month in the previous year and the increasing trend continuing in the month of July 2020,” it said in a release.

HDFC stock was trading at Rs 1845.80 on BSE, down 1.79 per cent from previous close.

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