HDFC Q1 profit rises 54% to Rs 2,190 cr

Mumbai: Mortgage lender HDFC on Monday reported an exponential rise of 54 per cent in its net profit during the first quarter of 2018-19.

According to HDFC, net profit during the period under review increased to Rs 2,190 crore from Rs 1,424 crore reported during the corresponding quarter of the previous fiscal.

The non-banking financial company’s Q1 net interest income grew 20 per cent year-on-year to Rs 2,890 crore from Rs 2,412 crore earned during the corresponding quarter previous fiscal.

“For the quarter ended June 30, 2018, the corporation received dividend of Rs 511 crore
from HDFC Bank Limited, while in the previous year, dividend from HDFC Bank was
received in the second quarter,” the company said in a statement.

As per the quarterly results, under the National Housing Bank (NHB) norms, the gross non-performing loans as at June 30, 2018 stood at Rs 4,409 crore or 1.18 per cent of the company’s loan portfolio.

“The non-performing loans of the individual portfolio stood at 0.66 per cent while that of the non-individual portfolio stood at 2.32 per cent,” the statement said.