HDFC’s Q3 standalone net profit falls 42%

New Delhi, Feb 2 : Housing Development Finance Corporation (HDFC) on Tuesday reported a 65 per cent fall in its standalone net profit for the quarter ended December at Rs 2,925.83 crore.

During the same period of the last financial year, the company had reported a net profit of Rs 8,372.49 crore.

Total revenue from operations during the period under review was Rs 11,707 crore, lower by 42.3 per cent on a year-on-year basis.

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In a statement, HDFC said that the demand for home loans continued to remain strong owing to low interest rates, softer property prices, concessional stamp duty rates in certain states and continued fiscal incentives on home loans.

“The month of December 2020 witnessed the highest ever levels in terms of receipts, approvals and disbursements. During the quarter ended December 31, 2020, 91 per cent of individual disbursements entailed property deals entered over the past four months, re-affirming that housing demand remains robust and is not pent-up demand,” he said.

The net interest income (NII) for the quarter ended December 31, 2020 stood at Rs 4,068 crore compared to Rs 3,240 crore in the previous year, representing a growth of 26 per cent, it added.

Disclaimer: This story is auto-generated from IANS service.

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