Individual loan disbursements were at 95 percent of the level in the corresponding quarter of the previous year, the lender said in a filing.
Housing Development Finance Corporation (HDFC) share price gained over 4 percent in the morning trade on October 6 after CLSA maintained outperform call on the stock.
The global research firm retains its outperform call on the stock, with the target at Rs 2,100 per share. It is of the view that pick-up in growth is stronger than expected, adding that an increase in mortgage spreads is a positive for NII and PPoP growth, according to a CNBC-TV18 report.
However, it feels that the Rs 40,000 crore in builder loan moratorium remains a key overhang.
The private lender said loan applications it received during the July-September 2020 period grew by 12 percent over the corresponding quarter of the previous year. On individual loan approval, the lender said it grew by 9 percent compared to the corresponding quarter of the previous year.
“The month of September 2020 has seen the strongest recovery since the outbreak of the pandemic,” HDFC said in a regulatory filing, adding that the levels have exceeded the levels in the corresponding month of the previous year.
During the quarter ended September 30, 2020, HDFC assigned loans amounting to Rs 3,026 crore compared to Rs 7,160 crore in the corresponding quarter of the previous year.
Individual loan disbursements were at 95 percent of the level in the corresponding quarter of the previous year, the lender said in a filing.
The stock was trading at Rs 1,852.95, up Rs 67.60, or 3.79 percent. It has touched an intraday high of Rs 1,874.25 and an intraday low of Rs 1,804.40.
First Published on Oct 6, 2020 09:58 am
