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HDFC Q2 net profit declines by 28 per cent

HDFC Q2 net profit declines by 28 per cent

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Mumbai (Maharashtra) [India], November 2 (ANI): Housing Development Finance Corporation's (HDFC) net profit for the July-September (second quarter) of 2020-2021 dropped by 28 per cent, a company statement showed here on Monday.
The housing finance provider clocked profit after tax of Rs 2,870 crore for the quarter ended September 30, 2020 compared to Rs 3,962 crore reported during the corresponding quarter a year ago.
HDFC said during the Q2 individual loan application receipts grew 12 per cent and approvals grew by 9 per cent compared to the corresponding quarter of the previous
year. Individual disbursements during the quarter ended September 30, 2020 were at
95 per cent levels of the previous year.
During the half-year ended September 30, 2020, HDFC provided 35 per cent of home loans approved in volume terms and 18 per cent in value terms have been to customers from the Economically Weaker Section (EWS) and Low Income Groups (LIG).
The average size of individual loans stood at Rs 26.7 lakh.
"The individual disbursements during the quarter ended September 30, 2020, were at 95 per cent levels of the previous year," it read.
As at September 30, 2020, individual loans comprise 75% of the Assets Under
Management (AUM). On an AUM basis, the growth in the individual loan book was 9 per cent. The growth in the non-individual loan book was 13 per cent. The growth in the total loan book on an AUM basis was 10 per cent.
As per the statement, the gross non-performing loans as of September 30, 2020 stand at Rs 8,511 crore. This is equivalent to 1.81 per cent of the loan portfolio.
The non-performing loans of the individual portfolio stood at 0.84 per cent while that of the non-individual portfolio stood at 4.19 per cent.
The net interest income (NII) for the quarter ended September 30, 2020 showed a growth of 21 per cent as compared to the previous year and stands at Rs 3,647 crore. (ANI)

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