HDFC Ltd's net profit fell 22 per cent to Rs 2233 crore

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(Commercial Representative) Mumbai Ta. Monday, May 25, 2020

Housing Development Finance Corporation (HDFC) Limited has released the expected weak results for the fourth quarter ended March 31, 2020. The company's net profit fell 21.5 per cent to Rs 5 crore from Rs 5 crore in the year-ago period. The company has declared a dividend of Rs 21 per share.

The company's dividend income has come down to Rs 2 crore this time as compared to Rs 3 crore in the same period last year. Apart from this, the company's profit on sale of investments has also declined to Rs 5 crore this time as compared to Rs 21 crore in the same period last year. Keki Mistry, vice-chairman and CEO, HDFC Ltd, said that in FY20, the company has approved home loans of 5 per cent of the total volume and loans of 15 per cent to people from the economically weaker sections and low-income groups.

The company's quarterly net interest income rose 15 per cent to Rs 20 crore from Rs 5 crore.

Net interest margin (NIM) has come down to 7.5 per cent from 2.7 per cent. Recovery efforts have been impacted in the second fortnight of March, leading to an increase in individual non-performing loans. The company's loan book has grown by 11 per cent to Rs 2.31 lakh crore. Which is 5% of the company's total asset under management. The company's total non-performing assets (NPAs) stood at Rs 307 crore at the end of March 31, 2020. Which is 1.3 per cent of the loan portfolio. The NPA of personal loan portfolio is 0.7 per cent and that of non-personal portfolio is 4.61 per cent. Total NPAs stood at 1.12 per cent in the same period last year. Individual NPAs stood at 0.50 per cent and non-individual NPAs at 7.5 per cent. The company has set aside Rs 15 crore for impairment expenditure on financial instruments in the fourth quarter. Which was Rs 5 crore in the same period last year. As on March 31, 2020, provisions of Rs. 10.5 crore have been made. Which is more than the regulatory requirement of Rs 500 crore.

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