HDFC's Q3 net profit rises by 12%, at Rs 1701 crore

Housing Development Finance Corp (HDFC) surpassed analyst estimates by reporting 12% year-on-year rise in net profit in its third quarter ended December 31, 2016.

The housing finance service provider reported standalone net profit of Rs 1701.21 crore, a rise of 11.88% from Rs 1520.51 crore in the corresponding period of the previous year.

A Bloomberg poll estimated HDFC to report net profit of Rs 1,670 crore this Q3.

On consolidated front, the company's net profit stood at Rs 2,728.66 crore, increasing by 12.80% on yoy basis and total income from operations stood at Rs 14,981.41 crore growing by 22.25% yoy. 

For nine months period, net interest income stood at Rs 7686 crore, witnessing a growth of 14% compared to Q3FY16. While net interest margin was at 3.95% and spread loans stood at 2.34%. 

As on December 31, the loan book stood at Rs 2,86,876 crore.Outstanding individual loans sold/assigned was Rs 37,533 crore.

In the last three quarter, HDFC's  individual loan disbursements grew by 14% with an average size of individual loans of Rs 25.7 lakh.

On an Assets Under Management (AUM) basis, the growth in the individual loan book was 17% and the non-individual loan book was 19%. The growth in the total loan book on an AUM basis was 17%.

Gross non-performing loans as of December 31,2016 amounted to Rs 2,341 crore. This is equivalent to 0.81% of the loan portfolio. The non-performing loans (NPLs) of the individual portfolio stood at 0.65% while that of the non-individual portfolio stood at 1.16%.

While provision till December, stood at Rs 3,198crore - from which Rs 705 crore is on account of non-performing loans. This provision is equivalent to 1.11% of the portfolio. 

At 12.48 pm, shares of HDFC trading at at Rs 1369 per share, or 0.12% down on BSE Sensex.