HDFC Ltd profit declines 57 per cent

The consolidated profit after tax attributable during the corresponding three months of 2019-20 stood at Rs 10,389 cr

New Delhi: Mortgage lender HDFC Ltd on Monday said its consolidated net profit declined by 57.5 per cent to Rs 4,600 crore in the July-September quarter of 2020-21. The consolidated profit after tax attributable during the corresponding three months of 2019-20 stood at Rs 10,389 crore, HDFC said in a statement.

Total income on a consolidated basis rose to Rs 34,090.45 crore in the said quarter from Rs 32,850.89 crore a year ago.

“During the quarter ended September 30, 2019, Rs 8,000 crore pertained to profit on loss of control of a subsidiary, GRUH Finance Limited. The stake sale of GRUH Finance by the Corporation was to facilitate the merger of GRUH with Bandhan Bank,” it said.

On a standalone basis, its net profit declined by 28 per cent to Rs 2,870.12 crore from Rs 3,961.53 crore in the year-ago period. Total income (standalone) decreased to Rs 11,732.70 crore from Rs 13,494.12 crore a year ago.

The net interest income (NII) for the quarter ended September 30, 2020, stood at Rs 3,647 crore compared to Rs 3,021 crore in the previous year, representing a growth of 21 per cent.
Net interest margin stood at 3.3 per cent at the end of the second quarter.

As per regulatory norms, it said the gross non-performing loans as of September 30, 2020, stood at 1.81 per cent or Rs 8,511 crore in absolute terms.