HDFC Q1 net up 54% to Rs 21.90 bn, gets nod for $1.5 bn external borrowings

Its loan book grew by 18.5 per cent at Rs 3.71 trillion at end of June 2018 as against Rs 3.13 trillion a year ago

Mortgage lender HDFC Ltd has posted 54 per cent rise in net profit to Rs 21.90 billion in the first quarter ended June, 2018.

It had registered a net profit of Rs 14.24 billion in the April-June quarter of the previous fiscal.

The net interest income, interest revenues minus interest expenses, in the reporting quarter rose by 20 per cent to Rs 28.90 billion, compared to Rs 24.12 billion in the year-ago quarter. The Net Interest Margin (NIM) stood at 3.5 per cent in the last quarter.

The spread on loans over the cost of borrowings stood at 2.28 per cent in Q1Fy19.