Mumbai: Improved asset and higher loan sales helped Housing Development Finance Corporation (HDFC) report a 31.7 percent growth in net income at Rs 3,780.5 crore for the September quarter from Rs 2,870 crore a year ago.
Higher interest income and lower expenses also helped the largest mortgage lender to register a significant rise in net income.
Robust loan demand had the assets under management of the corporation rising to a five-quarter high of Rs 5,97,339 crore, up 10.6 percent from Rs 5,40,270 crore in the previous year, and pushed up the key net interest income growing 12.7 percent to Rs 4,108.5 crore over the year-ago period.
Bottomline growth was helped by a robust 23 percent growth in the individual loan book, boosting total loan sales by 15 percent after adding back loans sold, he said.
Gross non-performing loans stood at Rs 10,341 crore, or 2 percent of the loan portfolio, the same was 2.24 percent in the June 2021 quarter.