Housing Development Finance Corp. Ltd (HDFC) shares jumped over 3% in intra-day trade on Monday, i.e. 4 November, after the mortgage lender announced better-than-expected earnings for the second quarter ended September (Q2).
HDFC shares closed the trading session at Rs 2,179.80, up 2.4% after hitting an intra-day high of Rs 2,195. Notably, the stock has risen nearly 22% in the past one year.
Here are 10 key takeaways from HDFC’s Q2 results:
Standalone profit jumped 60.5% year-on-year to Rs 3,961.53 crore for the September quarter compared with Rs 2,467.08 crore profit in the same quarter last year. A CNBC-TV18 poll had predicted Q2 net profit at Rs 3,356.8 crore.
HDFC’s revenue rose 19.9% year-on-year to Rs 13,487.44 crore for the September quarter.
Net interest income (NII) rose 16.2% to Rs 3,077.7 crore in the September quarter compared with Rs 2,594 crore a year ago.
HDFC’s dividend income increased to Rs 1,073.8 crore during the September quarter.
Net interest margin for the September quarter stood at 3.3%, unchanged from the previous quarter.
HDFC’s tax expense stood at Rs 568.9 crore in Q2 compared with Rs 1,022 crore in the year-ago period.
Loan growth stood at 12% in the September quarter compared with a year ago.
Gross NPAs rose to Rs 5,655 crore at the end of the September quarter compared with Rs 5,315 crore in the June quarter. In terms of percentage of total gross advances, gross NPAs rose marginally to 1.33% in the September quarter from 1.29% in the June quarter.
HDFC set aside Rs 754 crore in provisions for the September quarter compared with Rs 890 crore in the June quarter.
The bank reportedly said it saw a reduction in value of average loan size, adding that a total of 76% of loans outstanding are to individuals.
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