Banking

HDFC standalone net up 37%

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Continuing a strong performance, the HDFC  booked a 37 percent year-on-year (y-o-y) growth in net profit during first quarter of this fiscal (FY17) to Rs 1,871 crore (Rs.1,361 crore in Q1 FY16) on a standalone basis.

In a statement, the Housing Development Finance Corporation (HDFC) said during the quarter, the HDFC sold 22.9 percent stake in its general insurance subsidiary HDFC ERGO to ERGO International AG. The pre-tax profit was Rs.922 crore and the post-tax profit was Rs.725 crore (as HDFC ERGO is an unlisted entity, the capital gains tax on the sale of shares was Rs.197 crore).

A rise of 26 percent in individual disbursements was a main driver of the housing finance bellwether’s performance and took its total assets under management to over Rs.3-lakh crore. The average size of individual loans was Rs. 25.3 lakh.

The spread on loans in Q1 stood at 2.26 percent. Of this, the spread on the individual loan book was 1.92 percent and on the non-individual book was 3.06 percent. Net interest margin for the quarter was 3.8 per cent.

HDFC’s total assets under management (AUM) of Rs. 3,01,476 crore (up 17 percent year on year) consisted of a loan book worth Rs. 2,65,731 crore besides outstanding loans sold/assigned worth Rs. 35,745 crore.

Bad loans stood at Rs. 2,006 crore, or 0.75 percent of the loan portfolio.

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