HDFC net profit rises 11 per cent to Rs 3261 crore in Q3

Housing Development Finance Corporation (HDFC), India's largest housing finance company, on Wednesday announced Rs 3,261 crore net profit for the third quarter of the current financial year, which is around 11 per cent higher when compared with Rs 2,926 crore profit recorded in the corresponding quarter of the previous year.

The company's profit after tax for the nine months period ended December 31, 2021 stood at Rs 10,042 crore against Rs 8,847 crore in the corresponding period of the previous year, representing a growth of 14 per cent.

During the nine months ended December 31, 2021, individual approvals and disbursements grew by 45 per cent and 48 per cent, respectively compared to the corresponding period in the previous year.

In December 2021, the Corporation recorded its second-highest monthly individual disbursements ever. "This is despite the fact that the previous year entailed concessional stamp duty benefits in certain states which were not there in the current year," HDFC said in a statement.

"The demand for home loans and pipeline of loan applications continues to remain strong. Growth in home loans was seen in both, the affordable housing segment as well as in high-end properties. The increasing sales momentum and new project launches augur well for the housing sector," it said.

The company's net interest income (NII) for the nine months ended December 31, 2021 stood at Rs 12,519 crore compared to Rs 10,943 crore in the previous year, representing a growth of 14 per cent.

The net interest income (NII) for the quarter ended December 31, 2021, stood at Rs 4,284 crore compared to Rs 4,005 crore in the previous year.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor