HDFC second quarter net profit rises 32% to Rs 3,780 crore

The country's largest mortgage lender HDFC Ltd on Monday reported a 32 per cent rise in standalone net profit to Rs 3,780 crore for the second quarter ended September 30.

The corporation had posted a net profit of Rs 2,870 crore in the same period a year ago.

Its total income during the July-September period of FY22 rose to Rs 12,226.39 crore, as against Rs 11,732.70 crore in the same period of FY21, HDFC said in a regulatory filing.

During the half-year ended September 30, 2021, individual approvals and disbursements grew by 67 per cent and 80 per cent, respectively, compared to the corresponding period in the previous year, it said.

On a consolidated basis, the net profit in the reported quarter stood at Rs 5,670.47 crore, up from Rs 5,035.41 crore in the year-ago period, Housing Development Finance Corporation Limited (HDFC) said.

The total income on a consolidated basis rose to Rs 38,603.51 crore from Rs 34,090.45 crore.

"The demand for home loans continues to remain strong. Growth in home loans was seen in both the affordable housing segment as well as in high-end properties. The increasing sales momentum and new project launches augur well for the housing sector," HDFC said in the filing.

HDFC scrip was trading at Rs 2,901.35 apiece on BSE, up 2.02 per cent from the previous close.