Home finance major Housing Development Finance Corporation Ltd (HDFC) closed the first quarter of FY23 with 22 per cent growth in its net profit.

Mumbai, July 29, 2022:  Home finance major Housing Development Finance Corporation Ltd (HDFC) closed the first quarter of FY23 with 22 per cent growth in its net profit.

According to the company, it had posted an after tax profit of Rs 3,669 crore for the period ended June 30, 2022 up from Rs 3,001 crore logged during the previous year’s corresponding period.

The company said its average size of individual loans stood at Rs 35.7 lakh compared to Rs 33.1 lakh in FY22.

As on June 30, 2022, the assets under management (AUM) stood at Rs 671,364 crore as against Rs 574,136 crore in the previous year.

During the period under review, HDFC had assigned individual loans amounting to Rs. 9,533 crore (previous year Rs 5,489 crore) to HDFC Bank.

Individual loans sold in the preceding 12 months amounted to Rs. 32,499 crore (PY: Rs 23,093 crore).

As on June 30, 2022, the outstanding amount in respect of individual loans sold was Rs 88,856 crore. HDFC continues to service these loans, the company said.

The gross non-performing loans (NPL) as at June 30, 2022 stood at Rs 10,288 crore.

According to HDFC, the net interest income (NII) for the quarter ended June 30, 2022 stood at Rs 4,447 crore (Rs 4,125 crore).

The reported NIM during the quarter ended June 30, 2022 was 3.4 per cent, the company added.