HDFC Ltd today reported standalone net profit of ₹3,700 crore for the March quarter, up 16% from ₹3,180 crore clocked in the year-ago period.
On Monday, HDFC shares were up 1.22% in noon deals at ₹2,256.80 apiece on NSE.
The Board has recommended a dividend for the year ended March 31, 2022 of ₹30 per equity share.
The NII for the March quarter stood at ₹4,601 crore compared to ₹4,027 crore in the previous year, representing a growth of 14%.
“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 augurs well for the housing sector,” HDFC said in a filing.
As at March 31, 2022, the assets under management (AUM) stood at ₹6.53 lakh crore as against ₹5.69 lakh crore in the previous year. On an AUM basis, the growth in the individual loan book was 17% and growth in the total AUM was 15%.
HDFC further said the non-individual loan book recorded a growth during the quarter under review, with a good pipeline of loans from lease rental discounting and construction finance.
The country’s largest mortgage lender, which is in the process of merging with HDFC Bank, has seen robust demand for home loans led by revival in consumer spending as the intensity of infections from the pandemic eased. After the merger with the country’s second-largest lender, the combined entity will be twice as large as ICICI Bank, the third largest in India.
The Mumbai-based financier set aside ₹400 crore in provisions for the bad loans during the quarter, up from ₹390 crore three months earlier, and ₹720 crore a year ago.