HDFC Q2 profit rises 16% to Rs 2,446 crore

Mumbai: Mortgage major HDFC on Wednesday reported a 16 percent increase in its consolidated net profit to Rs 2,446.21 crore for the second quarter ended September.

The company had posted Rs 2,103.51 crore net profit in the corresponding three months a year ago.

HDFC total income during the quarter under review rose to Rs 14,504.72 crore from Rs 12,520.83 crore in the July-September period last fiscal, HDFC said in a statement.

On standalone basis, its net profit increased by 14 percent to Rs 1,827 crore for the quarter, against Rs 1,605 crore a year ago.

Total income, on standalone basis, stood at Rs 8,091.31 crore during the period, compared with Rs 7,407.60 crore in the Sepetember quarter in 2015-16.

"Gross non-performing loans as on September 30 amounted to Rs 2,108 crore. This is equivalent to 0.76 percent of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.61 percent while that of the non-individual portfolio stood at 1.11 percent," it said.

The spread on loans over the cost of borrowings stood at 2.28 percent at the end of September 30, 2016.

The mortgage lender has raised rupee-denominated bonds overseas amounting to Rs 5,000 crore through four issues.

For the half-year ended September 30, the consolidated profit rose to Rs 5,243 crore as compared to Rs 4,311 crore in the corresponding period last year, representing a growth of 22 percent.

The share of profit from subsidiary and associate companies in the consolidated profit after tax stood at 29 percent for the half-year ended September 30, 2016.

Shares of HDFC today closed at Rs 1,335.95 apiece, down 0.29 percent on the BSE.