HDFC beats Street expectations with 16% increase in net profit
Mumbai: Housing Development Finance Corp. Ltd, India’s biggest mortgage lender, said fourth quarter profit rose 16%, beating analysts’ estimates, as demand for home loans in Asia’s third-largest economy remained robust. Healthy loan growth had helped HDFC beat market expectations on both net interest income and profit, said Dhananjay Sinha, co-head of institutional research at Emkay Global Financial Services Ltd. “NII at ₹ 1,681 crore was much higher than the ₹ 1,438 crore expected by us. “Based on the National Housing Bank norms, HDFC is required to carry a total provision of ₹ 1,402 crore, of which only ₹ 318 crore is on account of non-performing loans, and the balance ₹ 1,084 crore is in respect of general provisioning on standard loans including dual-rate home loans,” HDFC said. Mistry said its general insurance company, HDFC Ergo General Insurance Co. Ltd, is likely to report a profit for the first time in the current fiscal year.
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