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A healthy growth in interest income and a jump in profit on sale of investments help HDFC post a 25 per cent increase in standalone net profit at ₹2,467 crore in the second quarter ended September 30, 2018 against ₹1,978 crore in the year ago period.
India’s largest standalone housing finance company reported a 19 per cent year-on-year growth in interest income at ₹9,673 crore (₹8,114 crore in the year ago period).
Profit on sale of investments surged to ₹1,000 crore (₹63 crore) as during the quarter. The Corporation offered 85,92,970 equity shares of ₹ 5 each of its subsidiary HDFC Asset Managment Company via initial public offer, resulting in a profit of Rs 891 crore.
HDFC reported higher net gain of ₹101 crore on fair value changes against ₹15 crore in the year ago period.
Finance costs rose 21 per cent to ₹7,045 crore in the reporting quarter against ₹ 5,845 crore in the year ago period.
Expenses incurred towards impairment on financial instruments (expected credit loss) jumped ₹401 crore against a write back of 62 crore in the year ago period. Employee benefit expenses declined 67 per cent yoy to ₹128 crore (₹387 crore).
Shares of HDFC ended at ₹1,761.70 on the BSE, down 0.44 per cent from its previous close.
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