HDFC Ltd's Q3 net up 11% YoY to Rs 3,261 cr, beats street estimates

Higher income and lower-than-expected credit loss cited for better show; NII up 7% to Rs 4,284 crore

Mortgage lender Housing Development Finance Corporation (HDFC Ltd) has reported an 11 per cent jump in net profit to Rs 3,261 crore in the October–December period of FY22, beating street estimates. Net profit was aided by higher income and lower-than-expected credit loss. Analysts at Bloomberg had estimated a net profit of Rs 3,099 crore in the current quarter.

Net interest income (NII) of the mortgage lender increased by 7 per cent to Rs 4,283.8 crore in Q3FY22 compared to Rs 4,004.74 crore in the year-ago period and net interest margin, a measure of profitability, stood at 3.6 per cent.

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