HDFC Q3 net profit rises 13% to Rs 3,691 crore, impairments decline

Monetary policy, interest rate actions had short-term impact on net interest income, says mortgage major

The standalone net profit of mortgage major Housing Development Finance Corporation (HDFC) rose 13 per cent year-on-year (YoY) to Rs 3,691 crore for the quarter ended December 2022 (Q3FY23).

It had posted a net profit of Rs 3,261 crore in the same quarter a year ago.

The HDFC stock closed 1.85 per cent lower at Rs 2,612 crore on the BSE.

Vice-Chairman and Chief Executive Officer Keki Mistry said profit growth had been restricted due to rate hikes by the RBI, adding that while the company's liabilities got repriced faster, it took a while for the assets to reflect the newer rates.

He said