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HDFC’s September Quarter Net Profit Rises 32% To Rs 3,780 Crore

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HDFC's September Quarter Net Profit Rises 32% To Rs 3,780 Crore

HDFC’s second quarter net profit has seen decent rise

Housing Development Finance Corporation (HDFC) has reported a 32 per cent increase in its net profit for period ending September 30, 2021 at Rs 3,780 crore. It was Rs 2,870 crore during the corresponding period of last year.

The profit for the mortgage lender rose mainly due to soaring dividend.

The dividend income for the second quarter was Rs 1,171 crore, up by a huge 263 per cent over the corresponding period of last year.

HDFC received the dividend income from holdings in its subsidiaries including HDFC Bank, HDFC Life Insurance and HDFC Asset Management Company, its vice chairman and CEO Keki Mistry said.

The company’s revenue from operations rose to Rs 12,216 crore in the second quarter, up by 4 per cent compared to the corresponding period of last year.

India’s rising pace of vaccinations against Covid-19 and an improvement in the labour market has boosted consumer demand and helped lenders in improving their retail portfolio.

However, HDFC’s interest income contracted 2.3 per cent from a year ago period, even as demand for home loans improved.

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