New Delhi, Jan 27 (SocialNews.XYZ) Mortgage lender HDFC on Monday reported about a fourfold jump in profit at Rs 8,372.49 crore for the quarter ended December 31 on a yearly comparison while its Board approved to raise up to Rs 45,000 crore via NCDs.
"The company board granted its approval for issuance of secured redeemable non-convertible debentures aggregating Rs 45,000 crore in various tranches on a private placement basis," the lender said in a regulatory filing.
The company had posted a profit of Rs 2,113.80 crore in the same quarter last year.
The bottomline of the company got a boost of Rs 9,019.81 crore from fair value gain from merger of Gruh Finance with Bandhan Bank".
Gruh Finance, an associate of the NBFC, merged with Bandhan Bank with effect from October 17. "On derecognition of investment in Gruh, the corporation has recognised a fair value gain of Rs 9,019.81 crore," HDFC said.
The revenue for the quarter was at Rs 20,285.47 crore, up from Rs 10,575.03 crore logged in Q3FY19. The NBFC extended loans totalling Rs 20,475.59 crore during the period under review, as compared to loans of Rs 11,284.96 crore during the year ago period.
The NBFC reported a 296 per cent year-on-year (YoY) rise in standalone net profit at Rs 8,372.49 crore in Q3FY20, compared to Rs 2,113.8 crore reported in Q3FY19. Sequentially even, the growth was up 111.34 per cent from Rs 3,961.52 crore logged in Q2FY20.
On a consolidated basis, the net profit attributable to owners stood at Rs 3,835.38 crore.
Provisions spiked to Rs 2,995 crore from Rs 116 crore in the year-ago period and Rs 754 crore in the quarter.
The country's biggest mortgage lender said it continued to remain extremely conservative on provisions. It further said that Rs 9,400 crore of loans every month went to individuals in lower income category.
"81 percent of loans went to individuals during Q3," HDFC said, while adding that the focus on affordable houses continues.
Source: IANS
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