HDFC has seen very strong demand and individual disbursements in March 2021 were at a record high, said Keki Mistry, VC & CEO of the housing finance major, on Monday.
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Housing Development Finance Corporation Ltd (HDFC) posted a net profit of Rs 3,180 crore for the quarter ended March 2021, registering a growth of 8.68 percent over Rs 2,926 crore in the previous quarter. The net interest income (NII) during Q4FY21 was flat at Rs 4,065 crore as against Rs 4,068 crore, QoQ.
“The demand has been phenomenal and we were not expecting this in the early part of last year, but as the year progressed we saw that with every passing month the amount that was disbursing were more than what we were doing in the previous year in that month. Therefore, on a quarterly basis, for the first quarter of the year, individual loan disbursements were 37 percent compared to the previous year,” Mistry told CNBC-TV18.
On Indiabulls tie-up, Mistry said, “We are always on the lookout for more distribution channels. 27 percent of our business is sourced through HDFC Bank, 54 percent of our business is sourced through HDFC Sales, which is the 100 percent subsidiary and 17-18 percent varies from quarter to quarter, which is sourced from third-party agents, direct sales agents.”
“Indiabulls is not an agent, it’s a co-lending arrangement, but at the same time, the credit checks are 100 percent within HDFC’s controls. The credit parameters have been agreed to between HDFC and Indiabulls but every single loan that is given HDFC will have the final right to decide whether to go ahead with that loan or not,” he said.
On lockdown impacts, he said, “Compared to the way things were last year, this year, from an economic standpoint, the impact has been relatively much lesser. Therefore, the demand that we have seen in Q4 has come from every segment of the market and not just from the affordable housing but also from the upper and middle-income market.”
For the entire management interview, watch the video