Mortgage lender HDFC Ltd reported a 27.5 per cent decline in standalone net profit in the second quarter of the current fiscal at ₹2,870.12 crore, compared with ₹3,961.53 crore in the same period a year ago.

“To facilitate a like-for-like comparison, after adjusting dividend, profit on sale of investments, fair value adjustments, net gains on loans assigned, charge for employee stock options and provisioning the adjusted profit before tax for the quarter ended September 30, 2020 is ₹ 3,366 crore compared to ₹ 2,646 crore in the previous year, reflecting a growth of 27per cent,” it said in a statement on Monday, adding that the profit numbers for the quarter ended September 30, 2020 are not directly comparable with that of the previous year.

Its total revenue from operations fell 13 per cent to ₹11,727.96 crore for the July-September quarter from ₹13,487.44 crore in the same period a year ago.

The net interest income (NII) for the quarter ended September 30, 2020 stood at ₹3,647 crore compared to ₹3,021 crore in the previous year, representing a growth of 21 per cent.

Provisioning, including provisioning for the impact of Covid-19, was at ₹436 crore in the second quarter.

Individual loan application receipts grew 12 per cent and approvals grew by nine per cent compared to a year ago.

Individual disbursements were at 95 per cent levels of the previous year.

“The months of September and October have seen the strongest recovery since the outbreak of the pandemic,” HDFC said, adding that these trends are indicative that business is reverting to pre-Covid levels.

The overall collection efficiency for individual loans for the month of September 2020 (the first month after the moratorium) was 96.3 per cent while for non-moratorium customers stood at 99.5 per cent.

The gross non-performing loans as of September 30, stood at ₹8,511 crore or 1.81 per cent of the loan portfolio.

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