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HDFC net soars 16% to Rs 2,446 crore on healthy loan growth

 PTI |  2016-10-27 21:51:01.0  |  Mumbai

Mortgage major HDFC on Wednesday reported 16 per cent rise in consolidated net income at Rs 2,446 crore in the three months to September, driven by healthy loan book growth.

On standalone basis, net profit grew 14 per cent to Rs 1,827 crore as its loan book grew at a faster clip of 20 per cent coupled with a marginal increase in spreads. “A 20 per cent growth in disbursement, 17 per cent growth in the assets under management and a marginal increase in spreads led to higher profit in the quarter,” vice-chairman and chief executive Keki Mistry told reporters here.

For the six-month period, standalone profit grew 25 per cent to Rs 3,697 crore from Rs 2,966 crore, he added. The 25 per cent rise in the profit in the first half was on account of the profit it booked during the first quarter on selling investments in HDFC Ergo to Ergo, which is its partner in general insurance business, he said.

The spread on loans increased by 5 basis point to 2.31 per cent as of September from 2.26 per cent as of June. For the six-month period, spread on loans stood at 2.28 per cent. The spread on the individual loan book was 1.95 per cent and on the non-individual book was 3.04 per cent.

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