HDFC, HDFC Bank to HDFC Life - check these top numbers

HDFC individual loan business continued to see improvements during the quarter ended Dec 31, 2020. Disbursement growth over the corresponding quarter of the previous year was 26%. For the nine months ended Dec 31, 2020, individual loan disbursements stood at 86% of the levels in the corresponding period of the previous year.

Loans assigned:

During the quarter ended Dec 31, 2020, pursuant to the buyback option embedded in the home loan arrangement between the HDFC and HDFC Bank, the company assigned loans to the bank amounting to Rs 7076 cr compared to Rs 4258 cr in the corresponding quarter of the previous year. Individual loans sold in the preceding 12 months amounted to Rs 16956 cr (Previous Year: Rs 21066 cr)

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During the quarter ended Dec 31, 2020, HDFC profit on sale of investments was Rs 157 cr. This was on account of the sale of 2548750 equity shares of HDFC Life Insurance Company Limited (HDFC Life).

HDFC's shareholding in HDFC Life now stands at 49.99%. This has met the RBI’s mandate of reducing its shareholding in HDFC Life to 50% or below by Dec 16, 2020. For the purpose of consolidated financial results under IndAS, however, HDFC Life shall continue to be accounted as a subsidiary.

HDFC profit numbers for the quarter ended December 31, 2020 will not be comparable with that of the corresponding quarter of the previous year. The merger of GRUH Finance with Bandhan Bank was effective Oct 17, 2019. As per IndAS, HDFC had on derecognition of the investment in GRUH, recorded a fair value gain of Rs 9020 cr through the Statement of Profit and Loss during the quarter ended Dec 31, 2019.