Mortgage major HDFC today reported 16 per cent rise in consolidated net income at Rs 2,446 crore in the three months to September, driven by healthy loan book growth.
On standalone basis, net profit grew 14 per cent to Rs 1,827 crore as its loan book grew at a faster clip of 20 per cent coupled with a marginal increase in spreads.
"A 20 per cent growth in disbursement, 17 per cent growth in the assets under management and a marginal increase in spreads led to higher profit in the quarter," vice-chairman and chief executive Keki Mistry told reporters here.
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For the six-month period, standalone profit grew 25 per cent to Rs 3,697 crore from Rs 2,966 crore, he added.
The 25 per cent rise in the profit in the first half was on account of the profit it booked during the first quarter on selling investments in HDFC Ergo to Ergo, which is its partner in general insurance business, he said.
The spread on loans increased by 5 basis point to 2.31 per cent as of September from 2.26 per cent as of June. For the six-month period, spread on loans stood at 2.28 per cent.
The spread on the individual loan book was 1.95 per cent and on the non-individual book was 3.04 per cent.
Net interest margin of for the first six month was 3.85 per cent and for the September quarter was around 3.9 per cent. The mortgage lender sold Rs 1,939 crore of loans in the quarter to HDFC Bank. In the last 12 months, it sold Rs 13,086 crore of loans.
Gross non-performing loans stood at 0.76 per cent against 0.75 in the previous quarter. On individual portfolio, gross NPA was at 0.61 per cent while in the non-individual category it was at 1.11 per cent.
The company created a deferred tax liability of Rs 559.54 crore for the first half of the current financial year.
Its capital adequacy ratio stood at 16.5 per cent, of which tier I capital was 13.3 per cent and tier II capital was 3.2 per cent.
HDFC raised Rs 5,000 crore through rupee denominated bonds or masala bonds. "We are writing to RBI to seek approval to be allowed to do more of such (masala bonds) issues. We may look to raise Rs 5,000 crore," Mistry added.
The HDFC scrip ended 0.29 per cent down at Rs 1,335.95 on BSE which closed at 27,836.51, down 0.91 per cent.
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