HDFC Bank has reported a 32% YoY rise in its net profit, and it has reportedly surpassed all the expectations of analysts!
The net profit has been reported to be at Rs 3,780.5 crore, and the total revenue has increased by 4.1 per cent on-year to Rs 12, 215.95 crore in the quarter.
Read on to find out all the details!
HDFC Bank Reports 32% YoY Rise in Net Profit
Housing Development Finance Corporation (HDFC) has stated that its assets under management stand at Rs 5.97 lakh crore at the end of the September quarter as compared to the quarter a year ago, which stood at Rs 5.40 lakh crore.
The non-bank lender has reported a 17 per cent YOY growth in net interest income in the quarter.
As per HDFC Bank, “The demand for home loans continues to remain strong. Growth in home loans was seen in both, the affordable housing segment as well as in high end properties. The increasing sales momentum and new project launches augurs well for the housing sector.”
HDFC’s Loan Recovery Efficiency Improved To 98%
HDFC Bank has stated that there is a rather rapid recovery in loan demand which is apparent from the growth of 23 per cent in individual disbursements in a non-quarter end month. The bank has stated that its net interest margin in the quarter stood at 3.6 per cent and its spreads were at 2.29 per cent.
The loan collection efficiency had suffered quite significantly in the June quarter, especially due to the COVID-19 pandemic and its second wave. However, it has improved to 98 percent in the quarter, as per HDFC.
The bank has also reported that gross bad loans were in excess of Rs 10,000 crore at the end of the reported quarter with GNPA ratio at 2 per cent of total loans, whereas the overall provisions on bad loans at the end of the quarter were at Rs. 13340 crores.
Additionally, the share of HDFC Bank increased by 1.9 per cent at Rs 2,899.8 on the National Stock Exchange.
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