HDFC’s Q1FY21 net profit at over Rs 3K cr
Mumbai, July 30 (IANS) Mortgage lender HDFC on Thursday reported a standalone net profit of Rs 3,052 crore for Q1FY21.
The company had reported a net profit of Rs 3,203 crore during the like period of the previous year.
According to the mortgage lender, the profit numbers for the quarter under review are not directly comparable with that of the previous year.
“To facilitate a like-for-like comparison, after adjusting dividend, profit on sale of investments, net gains on de-recognition of assigned loans, provisioning and the impact of negative carry on account of higher liquidity, the adjusted profit before tax for the quarter ended June 30, 2020 is Rs 3,265 crore compared to Rs 2,684 crore in the previous year, reflecting a growth of 22 per cent,” the mortgage lender said in a statement.
The mortgage lenders’ ‘Total Comprehensive’ Income for the quarter ended June 30, 2020 was Rs 5,070 crore compared to Rs 3,465 crore in the corresponding quarter of the previous year, representing a growth of 46 per cent.
“Owing to the national lockdown, the retail business was impacted during the quarter. However, successive month-on-month improvements have been seen in the individual loan business since April 2020, with June 2020 disbursements being 68 per cent of the corresponding month in the previous year and the increasing trend continuing in the month of July 2020,” the statement said.
“During the quarter, the Corporation focused on lending to select rated corporates.”
As per the statement, the net interest income (NII) for the quarter ended June 30, 2020 stood at Rs 3,392 crore compared to Rs 3,079 crore in the previous year, representing a growth of 10 per cent.
“The NII numbers, however, are not comparable with each other owing to the higher liquidity levels and equity investments made in the recent period,”
“After considering the impact of the above, the adjusted NII for the quarter ended June 30, 2020 is Rs 3,609 crore, reflecting a growth of 17 per cent.”
Besides, the mortgage lender reported a Net Interest Margin of 3.1 per cent compared to 3.3 per cent in the corresponding quarter last year.
“Adjusting the NIM for the impact of negative carry on account of significantly higher liquidity levels, the NIM stood at 3.3 per cent the same as the previous year,” the statement said.
–IANS
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