HDFC records a 15% leap in net consolidated profit

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HDFC, the largest mortgage lender of India in the April-June period, recorded a 15 % growth in the consolidated net income rose to Rs 299,959, compared with Rs 23,239,000 crore in the same period the previous year. In the meantime, the earnings fall by 5 percent to Rs.3,051, the standalone HDFC figures. HDFC has advised the awards that Rs 1,199 crore has been held as provisions for resolving the coronavirus effect. As income jumped to Rs 14, 549 crores in April-June, the life insurance segment assisting consolidated business.

During the quarter, standalone results showed a marginal increase of total operations revenue to Rs 13,017 crore, which was largely supported by interest growth. Rs 3,606 crore was income before tax. Consolidated income, on the other hand, has risen considerably. At the end of the previous quarter, HDFC announced a 17% jump in individual loans, while gross loans without results increased to 1,87%, compared with 1,99%.

At the end of March, the share of gross non-performing assets stood at 1,36%, compared to 1.38% in the quarter of December and 1,30% in the same quarter of 2012. The quarterly provisions increased to Rs 1,889.20 in Rs 1,541.10 in the quarter of August, but in December the amount was lower than 22,11.53 crore.

HDFC said that it concentrated on lending the financial aversion of financial institutions in the entire country to AAA approved companies during the period. The shutdown affected the retail loan sector but changed with the June disbursement at 68% of the month of the previous year. The assets under management stood at Rs 5,31 lakh crore in the same period last year as the Rs 4,75 crore at the end of the quarter of June.

HDFC saw progress on the moratorium front between April and June. “Moratorium 2 single loans made up 16.6% of the individual loan portfolio as of now,” said HDFC. 22.6 percent of the individual loan portfolio was covered under moratorium 1. In the first phase, 27 percent of the total HDFC loans were subject to the moratorium. The number has dropped to 22.4 percent under moratorium 2.

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