HDFC Sept quarter net jumps 32%

Improved asset and higher loan sales helped Housing Development Finance Corporation (HDFC) report a 31.7 per cent growth in net income at Rs 3,780.5 crore for the September quarter from Rs 2,870 crore a year ago. Higher interest income and lower expenses also helped the largest mortgage lender to register a significant rise in net income.

Robust loan demand had the assets under management of the corporation rising to a five-quarter high of Rs 5,97,339 crore, up 10.6 per cent from Rs 5,40,270 crore in the previous year and pushed up the key net interest income growing 12.7 per cent to Rs 4,108.5 crore over the year-ago period, vice-chairman and chief executive Keiky Mistry told reporters and analysts in a post-earnings call on Monday.

Bottomline growth was helped by a robust 23 per cent growth in the individual loan book, boosting total loan sales by 15 per cent after adding back loans sold, he said.

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