Housing Development Finance Corporation (HDFC) on February 2 reported a standalone profit of Rs 2,925.8 crore for the quarter ended December 2020, declining 65.1 percent compared to Rs 8,372.5 crore in the corresponding period.
The profit in Q3 FY20 had included proceeds from stake sale in GRUH Finance which was merged with Bandhan Bank in October 2019. The Corporation recorded a fair value gain of Rs 9,019.81 crore through the statement of profit and loss during the quarter ended December 2019 on the derecognition of investment in GRUH.
Net interest income, the difference between interest earned and interest expended, grew by 26 percent YoY to Rs 4,068 crore in Q3FY21. Numbers were ahead of analysts’ expectations. Profit was estimated at Rs 2,659.8 crore and net interest income was pegged at Rs 3,856.2 crore for the quarter, according to the average estimates of analysts.
During the quarter ended December 2020, “individual loan disbursements grew at 26 per cent over the corresponding quarter of the previous year. Growth in home loans was seen in both, the affordable housing segment as well as high-end properties,” said the housing finance major in its BSE filing.
The gross non-performing assets stood at 1.67 per cent in Q3FY21 against 1.81 per cent in Q2FY21. If the Supreme Court order of maintaining the classification of accounts as status quo till further orders were not to be considered, the non-performing loans would have been higher at 1.91 per cent of the loan portfolio; with individual NPLs at 0.98 percent and nonindividuals NPLs at 4.35 percent, said HDFC.

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