HDFC's net profit up 16% at Rs 3,700 cr in Q4; beats street estimates

Mortgage lender Housing Development Finance Corporation (HDFC) reported a 16 per cent increase in net profit in January-March quarter, aided by a rise in net interest income and lower provisions. Net profit of the lender totaled to Rs 3,700 crore in Q4FY22 versus Rs 3,180 crore in the year-ago period, beating street estimates. Analysts at Bloomberg had estimated a net profit of Rs 3,518 crore.

Net interest income of the lender increased by 14 per cent to Rs 4,601 crore in Q4FY22, aided by higher loan growth. The net interest margin of the lender for the year stood at 3.5