Mortgage lender HDFC reported an increase in the net profit of 27 percent for the March quarter. The net profit of the March quarter increased to Rs 2,861 crore as compared in the same quarter of the previous year to Rs 2256 crore. This was higher than it was estimated.
Total income of the HDFC rose to Rs 11,586.58 crore in the fourth quarter as compared to the same quarter of the previous year to Rs 9,322.36 crore. Altogether, the mortgage financier accounted net interest margin of 3.3 percent for the quarter.
The shares of HDFC traded nearly 1 percent at Rs 1,947 in noon trade. HDFC board has recommended a final dividend of Rs 17.50 per share.
Read EquityPandit’s HDFC Bank Outlook for the Week