HDFC posts net profit of Rs 2,233 crore

Country’s largest bank HDFC posted a net profit of Rs 2,233 crore for the quarter ended March 31. The board has also approved a dividend of Rs 21 per share.

HDFC said dividend income received during the quarter was Rs 2 crore compared with Rs 537 crore in the same quarter last year.  The profit on sale of investment for the fourth quarter stood at Rs 2 crore as compared with Rs 321 crore last year.

The mortgage lender reported provisioning of Rs 1,274 crore, including impact for Covid, for the March quarter as compared to Rs 398 crore in the year-ago period.

HDFC’s gross non-performing loans stood at Rs 8.908 crore, equivalent to 1.99% of the loan portfolio and the non-performing loans of the individual portfolio stood at 0.95% while that of non-individual portfolio stood at 4.71%.

The net interest income stood at Rs 3,564 crore, up 14% from the year-ago’s quarter’s Rs 3139 crore.

HDFC’s capital adequacy ratio stood at 17.7% of which Tier 1 capital was 16.6% and Tier II was 1.1%. As per regulatory norms, the minimum requirement for capital adequacy ratio and Tier 1 capital is 13% and 10% respectively.

While offices being closed in the months of April and part of May, loan approvals and loan servicing requirements are being down online.

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