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HDFC’s profit up 4 times at 8,372 crore

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HDFC’s profit up 4 times at 8,372 crore
HDFC’s profit grew nearly 4 times to Rs 8,372 crore in the December quarter. The company had made a profit of Rs 2,113.80 crore in the same period a year ago.  HDFC is the country’s largest provider of home loan.


In an IT Now poll, analysts had expected HDFC’s profit to be Rs 6,300 crore. The profit of the company was contributed by Fair Value Gain of Rs 9,019.81 crore due to the merger of Gruh Finance with Bandhan Bank.


HDFC has said, “Gruh Finance was a subsidiary of HDFC. It has merged with Bandhan Bank. The merger took effect on October 17. The investment in Griha has earned HDFC a fair value of Rs. 9,019.81 crore.”


HDFC’s board approved a proposal to raise Rs 45,000 crore from non-convertible debentures from a private placement basis. HDFC’s provision increased to Rs 2,995 crore from Rs 116 crore in the same period a year ago.


The country’s largest home loan company said that its thinking about provision is still very conservative. He also said that every month he has given a loan of Rs 9,400 crore in the low income group category. Individual loans accounted for 81 per cent of the company’s loans in the third quarter.
HDFC has said that its focus will remain in the category of cheap homes.


HDFC shares fell the biggest in 16 weeks in early trade on Monday. Its shares fell 2.25 per cent to Rs 2,395.80.
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