HDFC Q1 Results

Net Profit Increases by 22% to Rs 3,669 Crore & NII Up 7.8%

Its standalone profit after taxes increased by 22% to Rs 3,669 crore for the June 2022 quarter.

Housing Development Finance Corporation (HDFC) said on Friday that its standalone net profit for the Q1 ending Q1 FY23 increased by 22% to Rs 3,669 crore from Rs 3,001 crore in the same Q last yr.

The net interest income (NII) for HDFC during April to June 2022 was Rs 4,447 crore, up roughly 7.8% from Rs 4,125 crore the previous year.

The home loan provider HDFC reported loan growth of 16 percent for the first quarter, driven by individual loans that increased 19% year over year on an AUM basis.

The firm reported an after-tax profit of Rs 3,669 crore for the period ended June 30, 2022, an increase from Rs 3,001 crore recorded during the comparable period the previous year.

According to the firm, the average loan size was 35.7 lakh rupees, up from 33.1 lakh rupees in FY22. Individual loans sold in the previous year totaled 32,499 crore rupees (PY: Rs 23,093 crore).

The assets under management (AUM) were at Rs 671,364 crore as of June 30, 2022, compared to Rs 574,136 crore the year before.

Individual loans of Rs. 9,533 crore (Rs. 5,489 crore in the prior year) were allotted by HDFC to HDFC Bank during the period under review.

The outstanding balance for each loan sold as of June 30, 2022, was Rs 88,856 crore. The business stated that HDFC has continued to service these debts.

NII for the three months ended June 30, 2022 was Rs 4,447 billion, according to HDFC (Rs 4,125 crore). 3.4% of NIM was recorded for the fiscal quarter that ended on June 30, 2022.

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