Housing finance main Housing Growth Finance Corp. Ltd (HDFC) on Friday reported a 42% bounce in internet revenue within the quarter ended March 31, driving the expansion in internet curiosity earnings and different earnings.
Standalone internet revenue stood at ₹3,180 crore within the quarter as in comparison with ₹2,233 crore a yr in the past. The mortgage lender had posted a internet revenue of ₹2,926 crore within the December quarter.
Web curiosity earnings grew 10% to ₹4,065 crore from ₹3,564 crore a yr in the past. Web curiosity margin stood at 3.5%, up 10 foundation factors quarter-on-quarter and year-on-year. One foundation level is one-hundredth of a share level. Margins expanded because of the rise in non-individual spreads.
HDFC’s board authorized a dividend of ₹23 per share with a face worth of ₹2. The board additionally authorized fund-raising of as much as ₹1.25 lakh crore via a personal placement of non-convertible debentures or any hybrid instrument.
Particular person mortgage disbursements grew by 60% from a yr in the past. March 2021 witnessed the very best ranges when it comes to particular person receipts, approvals and disbursements.
Progress in house loans was seen in each the reasonably priced housing phase in addition to high-end properties.
Different earnings grew 62% from a yr in the past to ₹1,224 crore on account of dividend earnings. The mortgage financier has made provisions price ₹719 crore throughout the quarter together with Covid-19 provisions, taking cumulative covid-related provisions to ₹844 crore.
Asset high quality was largely regular; nonetheless, reported gross non-performing belongings rose to 1.98% as in opposition to 1.9% within the final quarter.
Assortment effectivity in particular person loans improved to 98% versus 97.6% within the Q3FY21.
The corporate mentioned it restructured loans price ₹4,479 crore beneath the Reserve Financial institution of India’s Decision Framework for Covid-19 Associated Stress. Of the loans being restructured, 27% are particular person loans and 73% non-individual loans.
“At this juncture, there continues to be a substantial amount of uncertainty on the period and depth of the second Covid-19 wave and the resultant impression it might have on the company and the general economic system,” HDFC mentioned in a press release.