Mumbai, Jan. 22: Housing Development Finance Corporation (HDFC) today met Street estimates by posting a 12 per cent rise in standalone net profit for the third quarter ended December at Rs 1,277.71 crore compared with Rs 1,140.10 crore in the corresponding period of last year.
The double-digit rise in the bottomline can be attributed to a strong growth in lending, particularly on the retail front. Analysts had expected India’s largest housing finance company to post a net profit of around Rs 1,270 crore.
HDFC said as of December 31, the loan book stood at Rs 1,92,266 crore against Rs 1,60,941 crore in the previous year. It added that the growth in the individual loan book after adding back loans sold stood at 27 per cent.
Around 89 per cent of the incremental growth in the loan book during the nine months ended December came from individual loans.
During the quarter, total income rose to Rs 6,019.80 crore from Rs 5,242.02 crore in the same period a year ago. However, profit on the sale of investments dipped to Rs 34.62 crore from Rs 96.32 crore a year ago.
HDFC said its asset quality was strong with non-performing loans coming down to 0.77 per cent from 0.79 per cent of the loan portfolio in the previous quarter.
Non-performing loans in the individual portfolio stood at 0.57 per cent.
Larsen & Tourbo (L&T) today posted a 12 per cent jump in net profit for the third quarter ended December at Rs 1,136 crore against Rs 1,013 crore in the same period last year.
The third quarter numbers exclude the performance of the hydrocarbon business, which has been transferred to L&T Hydrocarbon Engineering Ltd, a wholly owned subsidiary, from April 1.
Gross revenues rose 12 per cent year-on-year to Rs 14,534 crore.