HDFC fourth quarter profit jumps 29% to Rs 3,961 crore

Mortgage lender HDFC today posted a 28.63 % rise in its consolidated net profit at Rs 3,961.17 crore for the fourth quarter ended March 2018.

The company had a net profit of Rs 3,079.33 crore in the January-March quarter of 2016-17.

Total income during the quarter grew 17.78 % to Rs 21,248.79 crore as against Rs 18,040.59 crore in the year-ago period, HDFC said in a regulatory filing.

For the entire 2017-18 fiscal, its net profit rose 47 % to Rs 16,254.96 crore from Rs 11,051.12 crore in 2016-17.

On standalone basis, HDFC posted a 39.23 % rise in net profit at Rs 2,846.22 crore in the reported quarter as compared to Rs 2,044.2 crore in the year-ago period.

Total standalone income during the quarter grew 13.14 % to Rs 9,633.89 crore as against Rs 8,514.51 crore in year-ago three months.

Total income for the full fiscal 2017-18 grew to Rs 69,141.67 crore from Rs 61,087.63 crore in 2016-17.

HDFC in a statement said the net interest income for the quarter ended March 31, 2018 stood at Rs 3,211 crore compared to Rs 2,852 crore in the corresponding quarter of the previous year, representing a growth of 13 %.

HDFC's gross non-performing loans as on March 31, 2018 stood at Rs 4,019 crore. This is equivalent to 1.11 % of the loan portfolio.

The non-performing loans of the individual portfolio stood at 0.64 % while that of the non-individual portfolio stood at 2.18 %, it added.

Net interest margin for the year ended March 31, 2018 was 4 %, it added.

HDFC's total individual loan disbursements grew by 29 % during the year ended March 31, 2018. The average size of individual loans stood at Rs 26.4 lakh.

On an assets under management (AUM) basis, the growth in the individual loan book was 18 % and the non-individual loan book was 17 %.

The growth in the total loan book was 18 %.

As on March 31, 2018, individual loans comprise 73 % of the AUM.

As on March 31, 2018, the loan book size stood at Rs 3,59,442 crore as against Rs 2,96,472 crore in the previous year.

HDFC's board has approved raising up to Rs 85,000 crore through issuance of debt securities.

"The board approved issuance of redeemable non-convertible debentures (secured/unsecured) and or hybrid instruments (not in the nature of equity shares) up to Rs 85,000 crore on a private placement basis," HDFC said in a BSE filing.

HDFC's board also approved re-appointment of Keki Mistry as the managing director (designated as vice chairman and chief executive officer) of the Corporation for a period of 3 years.

HDFC has sought members' approval for both the proposals in its annual general meeting scheduled for July 30, 2018.

The company's board recommended a final dividend of Rs 16.50 per equity share of a face value of Rs 2 each for 2017-18.

In a separate fling, HDFC announced appointment of Upendra Kumar Sinha and Jalaj Ashwin Dani as independent directors (additional directors) on the board for a period of 5 years with effect from April 30, 2018, subject to the approval of the members at the ensuing AGM.

It also announced resignation of Non-Executive Director D M Sukthankar and Independent Director D N Ghosh from the board with effect from April 30.

Shares of HDFC settled 1.44 % higher at Rs 1,884.65 per scrip on the BSE.