HDFC Q3 results: Net profit rises 11% to Rs 3,261 cr

Housing finance major HDFC on Wednesday reported 11% rise in standalone net profit at Rs 3,261 crore for the quater ending December 31, 2021. HDFC reported standalone net profit of Rs 2,926 crore in the year-ago period.

Net interest income rose 5% to Rs 4,284 crore as against Rs 4,068 crore in Q3FY21.

"The demand for home loans and pipeline of loan applications continues to remain strong. Growth in home loans was seen in both, the affordable housing segment as well as in high end properties. The increasing sales momentum and new project launches augurs well for the housing sector," HDFC said in a stock exchange filing.

At 1345 hours, the company's scrip on BSE was trading 1.4% higher at Rs 2,601.65.

As at December 31, 2021, the gross individual non-performing loans (NPL) stood at 1.44% of the individual portfolio while the gross non-performing non-individual loans stood at 5.04% of the nonindividual portfolio.

The gross NPLs as at December 31, 2021 stood at Rs 12,419 crore. This is equivalent to 2.32% of the portfolio. Out of the total reported gross NPLs, Rs 2,746-crore loans are less than 90 days past due as at December 31, 2021.

The actual provisions as at December 31, 2021 stood at Rs 13,195 crore.

As at December 31, 2021, the assets under management (AUM) stood at Rs 6.18 trillion as against Rs 5.52 trillion a year ago.

As of December 31, 2021, individual loans comprise 79% of the AUM. On an AUM basis, the growth in the individual loan book was 16% and growth in the total AUM was 12%, said HDFC.