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HDFC posts Rs 2,044 crore Q4 net profit

LiveMint logoLiveMint 04-05-2017 Ashwin Ramarathinam

New Delhi: India’s largest mortgage lender Housing Development Finance Corp. Ltd (HDFC) Thursday reported a standalone net profit of Rs 2,044.20 crore for the quarter ended 31 March, meeting market expectations.

In the same quarter a year ago, HDFC had posted a net profit of Rs2,607.05 crore. A Bloomberg poll of 22 analysts had pegged HDFC’s fourth quarter earnings at Rs2,020 crore.

However, the numbers are not comparable because it had sold shares in HDFC Standard Life Insurance Co. Ltd for Rs1,513 crore in the March quarter of 2016 and also made a one-time special provision of Rs450 crore.

Income from operations increased 9.9% to Rs8,453.41 crore from Rs7,690.67 crore a year ago.

In a statement, HDFC said its loan book grew to Rs.2.96 trillion in the March quarter, up 14.3% from Rs.2.59 trillion a year ago. The company also sold Rs16,027 crore worth of loans in the last 12 months.

HDFC also declared a final dividend of Rs 15 per equity share for the quarter.

Shares of HDFC closed at Rs1,564.40 on BSE, down 0.42%, while the benchmark Sensex closed up 0.77% at 30,126.21 points.

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