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    HDFC Q3 Earnings: Net profit up 11% at Rs 3,261 crore, beats Street estimates

    earnings | IST

    HDFC Q3 Earnings: Net profit up 11% at Rs 3,261 crore, beats Street estimates


    HDFC Q3 results: Mortgage lender HDFC reported an 11.4 percent year-on-year increase in net profit to Rs 3,260.7 crore for the October-December period.

    Housing Development Finance Corporation (HDFC) on Wednesday reported a net profit of Rs 3,260.7 crore for the quarter ended December, beating Street estimates.  The quarterly net profit increased 11.4 percent on a year-on-year basis.
    The mortgage lender's net interest income (NII) - the difference between interest earned and interest paid - increased seven percent on year to Rs 4,284 crore, according to a regulatory filing.
    Analysts in a CNBC-TV18 poll had estimated HDFC's net profit at Rs 3,028 crore and NII at Rs 4,164.4 crore.
    The company's revenue increased to Rs 11,783.6 crore in the third quarter of the current financial year, from Rs 11,707 crore in the corresponding period a year ago.
    HDFC said that in January 2022, the third wave of the pandemic led to a rise in infections but with considerably less severity. "While there had been some partial disruptions at certain locations, it did not result in any material impact on business," it said in a statement.
    Its gross non-performing assets - or bad loans - as a percentage of total loans increased to 2.32 percent in the October-December period, from two percent in the previous quarter.
    Individual gross NPAs were at 1.44 percent in Q3, as against 1.10 percent in the previous three months. Non-individual gross NPAs came in at 5.04 percent in the December quarter, from 4.69 percent in the July-September period. 
    HDFC shares ended 1.9 percent higher at Rs 2,612 apiece on BSE after the earnings announcement, having risen as much as 2.3 percent during the session.
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