HDFC Q4 net falls 22% to Rs2,044 crore

The country's largest mortgage lender HDFC Ltd on Thursday reported a 21.6 per cent fall in its standalone net profit at Rs 2,044.20 crore for the quarter ended March 2017.

The Housing Development Finance Corporation (HDFC Ltd) had made a net profit of Rs 2,607.05 crore on a standalone basis during corresponding January-March period of 2015-16.

Total income (standalone) for the reported quarter also fell to Rs 8,514.51 crore as against Rs 9,225.72 crore a year earlier, it said in a regulatory filing.

For full fiscal 2016-17, the standalone net profit or profit after tax was at Rs 7,442.64 crore, up from Rs 7,093.10 crore a year earlier.

Total income was at Rs 33,159.60 crore, up from Rs 30,956.57 crore, according to the balance sheet of the company. The board of directors of HDFC at its meeting held on Thursday also recommended a final dividend of Rs 15 per equity share for 2016-17. HDFC said it will pay the dividend on July 27, after approval by board members.