HDFC Q4 profit down 22 pct to Rs. 2044 crore

Country's largest housing finance company HDFC on Thursday announced its standalone profit during January-March quarter, which fell 21.6 percent to Rs. 2,044.20 crore as compared with Rs. 2,607.05 crore in same quarter last fiscal.

The bank announced the profit in Q4FY16 included gain (Rs. 1,513.41 crore) on sale of stake by the company in HDFC Standard Life Insurance Company to Standard Life Mauritius Holdings.

Its income from operations jumped 10 percent year-on-year (up four percent YoY) to Rs. 8,453.41 crore in January-March quarter.

The fourth quarter net interest income surpassed analysts' expectations, growing 26.5 percent to Rs. 3,122.6 crore compared with Rs. 2,469.3 crore in same quarter previous fiscal.

Net interest margin at the end of FY17 remained flat at 4.1 percent YoY, HDFC said, adding total loan book stood at Rs. 2.96 lakh crore as on March 31, 2017.

Gross non-performing assets as a percentage of gross advances declined to 0.79 percent from 0.81 percent on sequential basis.

Also, the board members of HDFC recommended a final dividend of Rs. 15 per share for the financial year 2016-17, which, if approved, will be paid on July 27.

The board also granted its in-principle approval for issuance of rupee denominated bonds to overseas investors up to an amount not exceeding Rs 5,000 crore, it added.