Mumbai: HDFC Ltd, the country's largest housing finance company, on Monday reported numbers that met analyst estimates for the first quarter ended June 30. Net profit of the corporation increased around 54 per cent to Rs 2,190 crore compared with Rs 1,424.47 crore in the corresponding period of last year.

HDFC reported a strong rise in its net interest income (NII) even as profits were boosted by dividend received from HDFC Bank. The NII for the quarter rose to Rs 2,890 crore compared with Rs 2,412 crore in the year-ago period, representing a growth of 20 per cent.

The housing finance company adopted the new accounting standard - Ind As - from the June quarter for its standalone financials.

"The increase in profit was on account of dividend from HDFC Bank, which normally gives in the second quarter, but has given dividend in the first quarter and also on good asset quality," HDFC's vice-chairman and chief executive officer Keki Mistry told reporters here on Monday.

HDFC said the spread on loans over the cost of borrowings for the quarter stood at 2.28 per cent. Here, the spread on the individual loan book was 1.91 per cent. As of June 30, 2018, HDFC's loan book stood at Rs 3,71,988 crore up from Rs 3,13,573 crore in the previous year.

Backing the government's flagship scheme "Housing For All", HDFC said it had increased efforts towards loans to the Economically Weaker Section (EWS) and Low Income Group (LIG).

During the quarter, close to 37 per cent of home loans approved in volume terms and 19 per cent in value terms have been to customers from these segments.

Bad assets

HDFC's gross non-performing loans during the period was stable at 1.18 per cent against 1.11 per cent in the year-ago quarter.

The non-performing loans of the individual portfolio stood at 0.66 per cent, while that of non-individual portfolio was at 2.32 per cent.