Housing finance giant, HDFC, reported better-than-expected third-quarter numbers. The net profit has come in at Rs 8,372.5 crore versus a CNBC-TV18 poll of Rs 7,241.7 crore.
Housing finance giant, HDFC, reported better-than-expected third-quarter numbers.
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The net profit shot up almost 300 percent to come in at Rs 8,372.5 crore versus a CNBC-TV18 poll of Rs 7,241.7 crore.
The company has reported a Rs 9020 crore one-time fair value exchange gain due to gains from share swap after Gruh's merger with Bandhan bank.
The AUM (assets under management) growth is the best in three quarters at 14.6 percent compared annually and 3.1 percent compared quarterly. This AUM growth has been led by individual loan growth at 16.4 percent compared to the same period a year ago.
The company has also reported an improvement in its spreads to 2.27 percent which is highest in five quarters due to control over the cost of funds.
Speaking about the quarter gone by, Keki Mistry, HDFC CEO said, “Our focus on affordable housing loans continued unabated this quarter. We continue to remain cautious in the non-individual loan segment.”
Asset quality has however continued to deteriorate for the last few quarters and come in at Rs 6,996 crore due to the nonindividual portfolio.
HDFC's board has also approved raising up to Rs 45,000 crore via NCDs.
First Published: IST