Wednesday, May 18, 2022
HomeBusinesshdfc: HDFC net profit rises 16% to Rs 3,700 crore, to raise...

hdfc: HDFC net profit rises 16% to Rs 3,700 crore, to raise Rs 1.25 lakh crore

MUMBAI: HDFC reported a net profit of Rs 3,700 crore for the quarter ended March 2022, an increase of 16% over Rs 3,180 crore in the corresponding quarter last year.
In its meeting, the company’s board approved the reappointment of Renu Karnad, managing director, until the effective date of the amalgamation of HDFC with HDFC Bank. The directors also approved a Rs 1.25 lakh crore fund raise through the issue of debentures to meet liquidity requirements. The proposal will be put before the shareholders for approval in the annual general meeting on June 30, 2022.
During the year ended March 31, 2022, individual approvals and disbursements grew by 38% and 37%, respectively, compared to the previous year. “In March 2022, the Corporation recorded its highest monthly individual disbursements ever. This is despite the fact that the previous year entailed concessional stamp duty benefits in certain states which were not there in the current year,” said Keki Mistry, vice chairman and CEO, HDFC. According to Mistry, the demand for home loans and loan applications pipeline remains strong.
After providing for tax of Rs 3,504 crore (previous year: Rs 2,788 crore), the profit after tax for the year ended March 31, 2022, stood at Rs 13,742 crore, a 14.2% increase compared to Rs 12,027 crore in the previous year. The consolidated net profit was up 21% at Rs 22,595 crore for the year ended March 2022 compared to Rs 18,740 crore in the corresponding quarter last year.
For the year ended March 31, 2022, the consolidated profit after tax attributable to the Corporation stood at Rs 22,595 crore as compared to Rs 18,740 crores in the previous year, representing a growth of 21%.
“As asset quality issues normalized over time, we should be in position to normalize the credit cost to pre-Covid level over the next few quarters,” said Mistry. As at March 31, 2022, the gross individual non-performing loans (NPLs) stood at 0.99% of the individual portfolio, while the gross non-performing non-individual loans stood at 4.76% of the non-individual portfolio. The gross NPLs as at March 31, 2022 stood at Rs10,741 crore, and this is equivalent to 1.91% of the portfolio.
The unrealized gains on listed investment were Rs 2.34 lakh crore. “This unrealized gains is not a part of net worth nor is it calculated during our capital adequacy,” Mistry said.




Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

%d bloggers like this: