HDFC’s PAT Surges 18% In Q2 FY23

HDFC on Thursday announced that its profit after tax stood at Rs 4,454 crore compared to Rs 3,781 crore in the corresponding quarter of the previous year, representing a growth of 18 per cent.

During the half-year ended September 30, 2022, individual approvals and disbursements grew by 35 per cent and 36 per cent respectively compared to the corresponding period in the previous year.   

The demand for home loans continued to remain strong. Growth in home loans was seen in both, the mid-income segment as well as high end properties. During the half-year ended September 30, 2022, 92 per cent of new loan applications were received through digital channels for HDFC.

During the six months ended September 30, 2022, the average size of individual loans stood at Rs 35.7 lac compared to Rs 33.1 lac in FY22.     

As at September 30, 2022, the assets under management stood at Rs 6,90,284 crore as against Rs 5,97,339 crore in the previous year. Individual loans comprise 81 per cent of the Assets Under Management (AUM).

On an AUM basis, the growth in the individual loan book was 20 per cent and growth in the total loan book on an AUM basis was 16 per cent.  

During the quarter ended September 30, 2022, the Corporation assigned loans amounting to Rs 9,145 crore (PY: Rs 7,132 crore) to HDFC Bank. Loans sold in the preceding 12 months amounted to Rs 34,513 crore (PY: Rs 27,199 crore). As at September 30, 2022, the outstanding amount in respect of individual loans sold was Rs 93,566 crore. HDFC continues to service these loans.