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HDFC Report 5% Annual Decline in Net Profit

The country’s largest mortgage lender – HDFC – on Thursday reported 5 per cent annual decline in net profit to Rs 3,051.52 crore in the quarter ended June 2020. The Mumbai-based mortgage lender had reported profit of Rs 3,203 crore during the same quarter last year. HDFC’s net interest income or core income came in at Rs 3,392 crore compared with Rs 3,079 crore in the corresponding period year ago, HDFC said in exchange filing.

HDFC’s asset quality improved in June quarter as its non-performing assets came in at 1.89 per cent as a percentage of total loan book as against 1.99 per cent in the previous quarter.

The net interest margin was 3.1 per cent compared to 3.3 per cent in the same quarter a year ago.

HDFC said that 22.6 per cent of individual loans were under Covid-19 moratorium, while 27 per cent of HDFC’s loans under management were under moratorium.

The average size of individual loans stood at Rs 24 lakh compared to Rs 27 lakh in the last financial year. The lower average loan during the quarter was largely on account of the fact that a number of Tier 1 cities were under lockdown, the Mumbai-based mortgage lender added.

HDFC shares fell as much as 3.36 per cent to Rs 1,816, underperforming the Sensex which was down 0.8 per cent.

SOURCE: https://www.ndtv.com/

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