Housing Development Finance Corporation (HDFC) on Monday reported a standalone net profit of Rs 3,961 crore for the quarter ended September, up 60 per cent year-on-year.
It had reported a profit of Rs 2,467 crore in Q2 FY19 and Rs 3,203 crore in Q1 FY20. The profit number was aided by a pre-tax gain of Rs 1,627 crore on stake sale in Gruh Finance during the quarter.
The profit number was aided by a pre-tax gain of Rs 1,627 crore on stake sale in Gruh Finance during the quarter. Revenue from operations climbed to Rs 10,478 crore from Rs 9,495 crore in the same quarter last year.
While net interest margin for the quarter came in at 3.3 per cent, loan growth stood at 12 per cent. Absolute gross non-performing assets (NPAs) increased sequentially to Rs 5,655 crore from Rs 5,315 crore in the April to June quarter.
In percentage terms, gross NPA at 1.33 per cent was higher than 1.29 per cent in the June quarter. Meanwhile, the net interest income came in at Rs 3,078 crore.
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