HDFC logs ₹2,926 crore third-quarter net profit

Housing Development Finance Corporation Ltd. (HDFC) on Tuesday reported third-quarter net profit of ₹2,926 crore. The mortgage lender had posted a profit of ₹8,372 crore in the year-earlier period, which included a fair value gain of ₹9,020 crore following the merger of GRUH Finance with Bandhan Bank.

“The profit numbers for the quarter are not directly comparable with that of the previous year,” HDFC said in a filing.

Net interest income (NII) rose 26% to ₹4,068 crore.

“We continued to see strong demand for housing loans and the growth was much better than what we anticipated,” said CEO Keki Mistry. As per regulatory norms, gross non-performing loans as at December 31 stood at ₹8,012 crore, or 1.67% of the loan portfolio.

As at December 31, loans worth ₹5,010 crore were being restructured under the RBI’s Resolution Framework for COVID-19 Related Stress.

Cumulative COVID-19 provision as at December 31 stood at ₹959 crore.

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