Housing Development Finance Corporation (HDFC) Ltd, on Monday posted a surge of 31 per cent in net profit for the quarter ended 31 March. The bank attributed higher profits from sale of investments and increased income from insurance business as the reason behind growth in net profit.
According to reports, consolidated net profit during the fourth quarter rose to Rs 3,460 crore, as compared with Rs 2,646.35 crore a year back. Standalone net profit for the fourth quarter augmented 40% to Rs 2,607 crore from Rs 1,862 crore reported a year ago.
The housing finance company booked Rs 1,475.57 crore as profit from sale of investments during the quarter up from Rs 258.38 crore reported last year. The increase was due to Rs.1,422 crore in gains booked from the sale of its shares in HDFC Standard Life Mauritius Holdings 2006 Ltd.
HDFC reported Rs.6,578 crore as income from its insurance business during the January-March period, up 14.6% from last year. The company’s total income from operations during the quarter was at Rs.17,012 crore, 15% higher than Rs.14,726.18 crore a year ago.