HDFC profit falls 22% to Rs 2,233 crore in March quarter

25 May, 2020 | newsx bureau


HDFC board announced a dividend of Rs 21 per share for FY20.

Housing Development Finance Corporation (HDFC) on Monday reported 22 per cent fall in net profit at Rs 2,233 crore for the January to March quarter.

The home loan lender had reported a profit of Rs 2,862 crore in the corresponding quarter of last year. It reported provisioning of Rs 1,274 crore, including the impact for COVID-19, for Q4 FY20 as compared to Rs 398 crore in Q4 FY19.

However, the company board announced a dividend of Rs 21 per share for FY20.

Net interest income for the quarter rose by 17 per cent to Rs 3,780 crore compared with Rs 3,238 crore in the year-ago quarter.

Besides, the net interest margin for the quarter came in at 3.4 per cent against 3.3 per cent in the same quarter last year.

The company said in a statement that 36 per cent of home loans approved in volume terms and 18 per cent in value terms in FY20 were to economically weaker section and low-income groups.

Recovery efforts were hampered in the latter half of March which resulted in an increase in individual non-performing loans.

HDFC said the gross non-performing loans on March 31 stood at Rs 8,908 crore or 1.99 per cent of the loan portfolio.

The non-performing loans of individual portfolio stood at 0.95 per cent while that of the non-individual portfolio was 4.71 per cent.