INSUBCONTINENT EXCLUSIVE:
HDFC Q1: HDFC's average size of individual loans stood at Rs 30.9 lakh.The country's largest mortgage lender, HDFC, on Monday reported
net profit of Rs 3,001 crore, registering a marginal decline from profit of Rs 3,051 crore during the same quarter last year
HDFC's net interest income, however, jumped 22 per cent to Rs 4,147 crore, the Mumbai-based company said in an exchange filing
The company added that the profit numbers were not directly comparable on a year-on-year basis because of profit on sale of investments
worth Rs 263 crore and dividend pay-out of Rs 16 crore, during the same period last year.HDFC's lending operations saw a massive jump
during the quarter as its individual loan disbursements grew 181 per cent over the corresponding quarter of the previous year."Growth in
home loans was seen in both, the affordable housing segment and high end properties
There was a preference for ready to move in properties compared to under construction properties
The demand for home loans continues to remain strong and disbursements have picked up with the unlocking of respective locations
While disbursements during April and May of the current financial year were somewhat impacted, business has reverted to normalised trends in
the months of June and July," HDFC said.The average size of individual loans stood at Rs 30.9 lakh compared to Rs 29.5 lakh in FY21
As on June 30, 2021, the assets under management stood at Rs 5.74 lakh crore as against Rs 5.31 lakh crore in the previous year.Individual
NPAs increased due to slippages on account of the impact of the second wave of the pandemic
Collection efforts were hindered due to the recovery teams being unable to do field visits during the lockdown period
The gross non-performing loans as at June 30, 2021 stood at Rs 11,120 crore
This is equivalent to 2.24 per cent of the loan portfolio.As of 11:41 am, HDFC shares traded 1.4 per cent higher at Rs 2,475, outperforming
the Sensex which was up 0.7 per cent.
