Housing Development Finance Corp (HDFC), the country’s largest mortgage lender, clocked a 23% rise in net profit at Rs 694.59 crore in the first quarter of the current financial year.
That’s lower than a street consensus of around Rs 750 crore.
Disbursals rose 25% to Rs 10,863 crore in April-June compared with Rs 8688 crore in the corresponding period last year.
Spreads were at 2.34% in the quarter against 2.31% at the end of March. Individual approvals grew 56% and disbursements rose 62% compared with the same period in the previous year.
“We are aiming at a credit growth of around 25% this fiscal,” said Keki Mistry, vice-chairman and CEO of HDFC.
“The average size of individual home loans for the first quarter is Rs 17.5 lakh,” said Mistry. It was Rs 16.9 lakh last fiscal.
“The special home loan scheme (@8.25% interest in first year) contributed significantly to loan growth,” said Mistry.
Its asset quality improved with its gross bad loans to total loans declining to 0.89% from 0.98%. Capital adequacy ratio was 14.8% as of June.
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