Housing Development Finance Corporation (HDFC) Limited reported stellar earnings growth for the January-March quarter of the financial year 2022-23 (Q4FY23) on Thursday, May 4, 2023.

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The mortgage lender’s profit grew by 20 per cent year-on-year (YoY) to Rs 4,425.5 crore in the March quarter of the previous fiscal as compared to Rs 3,700 crore in the same quarter a year ago.

The non-banking finance company’s net interest income came at Rs 5,321.5 crore, up 15.6 per cent year-on-year in the last three-month period of FY23 against Rs 4,600.9 crore in a year ago quarter. 

The asset quality of the finance company improved during the March quarter as the gross non-performing assets stood at 1.18 per cent from 1.49 per cent sequentially.

In a filing to stock exchanges, HDFC said there was an 18 per cent growth in the standalone profit after tax for the year ended March 31, 2023, at Rs 16,239 crore compared to Rs 13,742.18 crore in 2021-22.

Assets under management stood at over Rs 7.2 lakh crore.

"After providing Rs 973 crore for tax, the reported profit after tax stood at Rs 4,425 crore compared to Rs 3,700 crore in the corresponding quarter of the previous year, representing a growth of 20 per cent," the lender said.

The Board of Directors declared an interim dividend for the year ended March 31, 2023 of Rs 44 per equity share of face value of Rs 2 each compared to a final dividend of Rs 30 per equity share in the previous year, HDFC said.

The lender also said for the year ended in March 2023, the consolidated profit after tax attributable to the Housing Development Finance Corporation Limited (HDFC) stood at Rs 26,161 crore, a growth of 16 per cent year-on-year.