HDFC Q3 Results: Mortgage lender meets analysts' expectations with 13% rise in profit; NIM steady
HDFC Q3 Results: The mortgage lender reported a 13 per cent year-on-year increase in net interest income (NII) to Rs 4,840 crore for the quarter ended December 2022.
HDFC reported its financial results for the October-December period on February 2. | Image source: Reuters
Housing Development Finance Corp (HDFC) on Thursday reported a net profit of Rs 3,690 crore for the quarter ended December 2022, marking an increase of 13.2 per cent compared with the corresponding period a year ago.
Its net interest income (NII) grew 13 per cent on a year-on-year basis to Rs 4,840 crore, according to a regulatory filing.
According to Zee Business research, HDFC's quarterly net profit was estimated at Rs 3,680 crore and NII at Rs 4,890 crore. Its NIM was estimated to remain unchanged.
The mortgage lender reported a net inetrest margin (NIM) — a key measure of profitability for financial institutions — of 3.5 per cent, steady on a year-on-year basis and in line with the analysts' expectations.
HDFC said its loan book crossed the Rs 6 lakh crore mark, with 26 per cent growth in the individual loan book.
Its assets under management (AUM) stood at over Rs 7 lakh crore, according to a company statement.
HDFC said there was significant improvement in its asset quality.
The HDFC stock stayed in the red zone after the earnings announcement. On BSE, HDFC shares fell by as much as 69.9 or 2.6 per cent to Rs 2,592.2 apiece during the session.
HDFC shares have growth almost five per cent in value in the past one year, a period in which the Nifty50 index has declined about one per cent.
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Written By: ZeeBiz WebTeam
Edited By: Sandeep Singh
Updated: Thu, Feb 02, 2023
02:35 PM IST
02:35 PM IST
New Delhi, ZeeBiz WebDesk
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