HDFC Q1 profit jumps 22% YoY to Rs 3,669 crore
Published On: Friday, July 29, 2022 | By: Team KnowMyStock
Housing finance major HDFC on Friday posted a 22 percent jump in its standalone profit after tax to Rs 3,669 crore for the June 2022 quarter, compared with Rs 3,001 crore in the corresponding period a year ago. Sequentially, the profit decreased marginally by 0.8 percent from the profit of Rs 3,700 crore reported in Q4FY22. The consolidated Profit After Tax for the quarter ended June 30, 2022, stood at Rs 5,574 crore. Its net interest income (NII) from April-June 2022 stood at Rs 4,447 crore, about 7.8 percent higher than Rs 4,125 crore a year ago.HDFC vice-chairman Keki Mistry said that the full impact of the lending rate hikes undertaken by HDFC is yet to show on the loan book, which kept net interest income low for the quarter. The management said assets under management (AUM) at the end of the June quarter stood at Rs 6.71 trillion, as against Rs 5.74 trillion at the end of Q1FY22. At the end of the March 2022 quarter, HDFC’s AUM stood at Rs 6.54 trillion.
Individual loan disbursements by HDFC also jumped 66 per cent during Q1FY23 as compared with the year-ago period. “Disbursements during the quarter marked the highest ever disbursements for the Corporation in the first quarter of any financial year so far," it said in a BSE filing.
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