 "HDFC Q2 standalone net up 15%")
Housing Development Finance Corporation (HDFC) posted a 15 per cent rise in standalone net profit at Rs 2,101 crore in the September quarter. It had posted Rs 1,827-crore profit in the year-ago quarter. Loan book grew 18 per cent to Rs 3,24,077 crore in the September quarter, against Rs 2,75,406 crore in the corresponding period of the previous year.
The individual loan book grew 16 per cent and the non-individual loan book grew 24 per cent. Net interest margin was flat at 3.9 per cent. The corporation sold individual loans amounting to Rs 3,530 crore in the period under review. Of this, Rs 3,165 crore was assigned to HDFC Bank, pursuant to the buyback option embedded in the home loan arrangement between the corporation and HDFC Bank. As much as Rs 365 crore was assigned to another bank, said the company in a press release. Gross non-performing loans (NPL) as on September 30 was Rs 3,701 crore, which was 1.14 per cent of the loan portfolio.
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