HDFC's consolidated net profit up 31%

Housing Development Finance Corporation (HDFC) on Monday reported a rise of 31 per cent in consolidated net profit for Q1FY21, on year-on-year basis.

The company's consolidated net profit rose to Rs 5,311 crore from Rs 4,059 crore in the previous year.

Besides, for the quarter ended June 30, 2021, the consolidated profit after tax attributable to the corporation stood at Rs 5,041 crore as compared to Rs 3,614 crore in the previous year, representing a growth of 39 per cent.

"The demand for housing continues to remain strong and business has reverted to normalcy in the months of June and July 2021. The key risks to business remains a third wave and variants of the virus.


"As at June 30, 2021, Rs 4,482 crore has been restructured under the 'RBI's Resolution Framework for Covid-19 Related Stress'. This is equivalent to 0.9 per cent of the loan book. Of the loans restructured, 38 per cent are individual loans and 62 per cent non-individual loans. Of the total restructured loans, 62 per cent is in respect of just one account," a company statement said.

As per the statement, cumulative Covid-19 provision as at June 30, 2021 was Rs 1,017 crore.

"The Corporation stands comfortable on liquidity. The average daily balance in liquid funds during the quarter ended June 30, 2021 was Rs 15,200 crore, lower than Rs 32,000 crore in the corresponding quarter of the previous year, thus reducing the negative carry.


"The Corporation has continued to raise resources from a diversified base. Outstanding deposits as at June 30, 2021 stood at Rs 153,704 crore and continued to form a major source of funding during the year. The online deposits platform has been very well received by both, customers and deposit agents."

On standalone basis, after providing Rs 904 crore for tax, the company reported its profit after tax stood at Rs 3,001 crore.

"During the quarter ended June, 30, 2021, the growth in Net Interest Income was healthy at 22 per cent."-IANS