Driven by stake sale, HDFC Q2 net profit jumps 25% to Rs 24.67 billion

Housing Development Finance Corporation (HDFC) posted a 25 per cent jump in its net profit to Rs 24.67 billion for the quarter-ended September 2018, as against Rs 19.8 billion during the corresponding period of last financial year. 

This was driven by stake sale by HDFC in HDFC Asset Management Company (AMC), which fetched the former profits worth Rs 8.91 billion during the quarter

Profit on sale of investments grew substantially to Rs 10 billion in Q2 FY2019, whereas during Q2 FY2018 it stood at Rs 630 million. 

The total loan book grew by 17 per cent over the year to Rs 3790.9 billion.