Housing Development Finance Corporation said that during the quarter ended 31 December 2022, the corporation has assigned loans amounting to Rs 8,892 crore as compared to Rs 7,468 crore in the corresponding quarter of the previous year, up 19% YoY.
Loans sold in the preceding 12 months amounted to Rs 35,937 crore as against loans amounting Rs 27,591 crore sold in the same period last fiscal, up 30% YoY.
All the loans assigned during the quarter ended 31 December 2022 were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank, the housing financier said.
The corporation's gross income from dividend for the quarter ended 31 December 2022 was Rs 482 crore, which is higher by 2.5x as compared with Rs 195 crore recorded in the quarter ended 31 December 2021.
it further stated that largely owing to volatility in the equity markets, during the quarter ended 31 December 2022, for investments classified as fair value through profit and loss (FVTPL), there is a debit to the statement of profit and loss of approximately Rs 80 crore as against a net gain of Rs 124 crore in the corresponding quarter of the previous year.
Housing Development Finance Corporation (HDFC) is a leading provider of housing finance in India. Its distribution network spans 709 outlets which include 212 offices of HDFC's distribution company, HDFC Sales (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank and third party direct selling associates. The corporation also has online digital platforms for loans and deposits.
The company's standalone net profit rose 17.82% to Rs 4,454.24 crore on 22.98% jump in total income to Rs 15,035.99 crore in Q2 FY23 over Q2 FY22.
The scrip shed 0.36% to currently trade at Rs 2656.85 on the BSE.
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