Housing finance company HDFC reported a 22 per cent drop in fourth quarter standalone net profit at ₹2,044 crore compared with ₹2,607 crore in the year ago quarter.

For the full financial year, net profit was up 5 per cent at ₹7,443 crore (₹7,093 crore in the previous year). Consolidated net profit increased by 8 per cent at ₹11,051 crore (₹10,190 crore).

The board recommended a final dividend of ₹15 per equity share of face value ₹2 each for the financial year 2016-17. The total dividend (including the interim dividend of ₹3 per equity share) for the year is ₹18 per equity share as against ₹17 per equity share in the previous year.

Total income in the reporting quarter was lower at ₹8,515 crore (₹9,226 crore). In the year ago period, the housing finance major had booked a huge profit on sale of investments (HDFC sold shares of HDFC Standard Life) amounting to ₹1,520 crore.

Keki Mistry, Vice-Chairman and Managing Director, emphasised that the adjusted profit before tax in the reporting quarter was up 14 per cent at ₹2,938 crore as against ₹2,579 crore in the year ago quarter (after considering the one-time transaction in the fourth quarter of FY2016, whereby HDFC sold shares of HDFC Standard Life).

As of March-end 2017, the loan book (net of loans sold) was up 14 per cent year-on-year at ₹2,96,474 crore. Growth in individual loan book and non-individual loan book was 23 per cent (14 per cent net of loans sold) and 17 per cent, respectively.

Net interest margin was unchanged at 4.1 per cent. The average size of individual loans stood at ₹25.60 lakh as against ₹25 lakh in the previous year.

HDFC shares closed at ₹1,564.40 apiece, down 0.42 per cent over the previous close, on the BSE on Thursday.

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