HFCs report 7.4% rise in Q2 net profit; net operating income up by 15.1%

Housing finance companies (HFCs) posted a 7.4 per cent rise in net profit on a year-on-year (YoY) basis to Rs 5,014 crore in the second quarter (Q2 of FY22) owing to a fall in interest costs.

Sequentially, 10 listed HFCs booked a 26.1 per cent growth in net profit over Rs 3,975 crore in June 2021 (Q1 of FY22).

Benefitting from southward movement of interest rates in the system flush with liquidity, interest costs for the reporting quarter declined by 10.9 per cent YoY to Rs 13,528 crore. They fell sequentially as well but just by 0.3 per cent from Rs 13,567