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Housing Development Finance Corporation (HDFC), has posted an increase of 233.3% in net profit YoY to Rs.5.670.2 crore for the quarter ended December 31,2017.
Last year, in the same quarter it had posted a profit of Rs.1,701.2 crore. This stellar increase was due to one-time gain of Rs.3,675.3 crore during the quarter, after selling its stake in HDFC Standard Life Insurance.
Revenue from operations increased by 6.55% to Rs.8,667.15 crore in the December quarter, as against Rs.8,133.78 crore in the corresponding quarter. Net interest income also a growth of 11.2% YoY to Rs.2,967.7 crore in Q3FY18.
Further, asset quality remained stable for the quarter and HDFC’s board of directors has given approval to issuance of non-convertible debentures of Rs.35,000 crore approved in July annual general meeting.
