Housing finance major HDFC on Friday posted a 22 per cent jump in its standalone profit after tax to Rs 3,669 crore for the June 2022 quarter, compared with Rs 3,001 crore in the corresponding period a year ago. Its net interest income (NII) during April-June 2022 stood at Rs 4,447 crore, about 7.8 per cent higher as against Rs 4,125 crore a year ago.
Individual loan disbursements by HDFC also jumped 66 per cent during Q1FY23 as compared with the year-ago period. “Disbursements during the quarter marked the highest ever disbursements for the Corporation in the first quarter of any financial year so far,” it said in a BSE filing.
Housing Development Finance Corporation’s (HDFC) cost-to-income ratio stood at 9.5. Its average size of individual loans stood at Rs 35.7 lakh, compared with Rs 33.1 lakh in FY22. Its assets under management (AUM) at the end of June 2022 stood at Rs 6,71,364 crore as against Rs 5,74,136 crore in the previous year. As of June 30, 2022, individual loans comprise 79 per cent of the AUM.
Its board also approved an investment of up to Rs 2,000 crore in the preferential issue of equity shares to be made by HDFC Life Insurance Company, subject to approvals, if any. It also gave its go-ahead to the raising of funds by way of external commercial borrowing (ECB) in the form of loans for an amount of up to $1.5 billion equivalent, in accordance with directions/guidelines issued by the Reserve Bank of India.
Its spread on loans over the cost of borrowings for the quarter ended June 30, 2022, was 2.25 per cent. The spread on the individual loan book was 1.91 per cent and on the non-individual book was 3.45 per cent.
During the quarter ended June 30, 2022, 23 per cent of home loans approved in volume terms and 10 per cent in value terms have been to customers from the economically weaker section (EWS) and low income group (LIG). The average home loan to the EWS and LIG segment stood at Rs 11.1 lakh and Rs 19.7 lakh, respectively
Its collection efficiency for individual loans on a cumulative basis stood at over 99 per cent during the quarter ended June 30, 2022.
As at June 30, 2022, the gross individual non-performing loans (NPLs) stood at 0.98 per cent of the individual portfolio, while the gross non-performing non-individual loans stood at 4.44 per cent of the non-individual portfolio. The gross NPLs as at June 30, 2022 stood at Rs 10,288 crore. This is equivalent to 1.78 per cent of the portfolio.
As at June 30, 2022, HDFC’s capital adequacy ratio stood at 21.9 per cent, of which Tier-I capital was 21.4 per cent and Tier-II capital was 0.5 per cent. As per the regulatory norms, the minimum requirement for the capital adequacy ratio and Tier-I capital is 15 per cent and 10 per cent, respectively.
Its dividend income during the quarter stood at Rs 687 crore, compared with Rs 16 crore a year ago. Its profit on sale of investment was Rs 184 crore, against Rs 263 crore.
On a consolidated basis, HDFC’s profit after tax stood at Rs 5,574 crore during the June 2022 quarter. Its consolidated profit after tax attributable to the Corporation stood at Rs 5,309 crore.
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