HDFC sees ‘robust’ growth in individual loan disbursements

Housing Development Finance Corporation Ltd (HDFC) reported a 26 per cent increase in individual loan disbursements.

“The individual loan business continued to see improvements during the quarter ended December 31, 2020. Disbursement growth over the corresponding quarter of the previous year was 26 per cent,” said HDFC in a regulatory filing on provisional numbers for the third quarter of the fiscal.

For the nine months ended December 31, 2020, individual loan disbursements stood at 86 per cent of the levels in the corresponding period of the previous year, it further said.

“During the quarter ended December 31, 2020...the Corporation assigned loans to HDFC Bank amounting to ₹7,076 crore, compared to ₹4,258 crore in the corresponding quarter of the previous year,” it further said.

Gross income from dividend for the quarter ended December 31, 2020, was ₹2 crore, compared to ₹4 crore in the corresponding period last fiscal.

During the quarter ended December 31, 2020, the profit on sale of investments was ₹157 crore, HDFC further said.

“This was on account of the sale of 25,48,750 equity shares of HDFC Life Insurance. The Corporation’s shareholding in HDFC Life now stands at 49.99 per cent. This has met the RBI’s mandate of reducing the Corporation’s shareholding in HDFC Life to 50 per cent or below by December 16, 2020,” it said, adding that for the purpose of consolidated financial results under IndAS, however, HDFC Life shall continue to be accounted as a subsidiary.

On Tuesday, HDFC’s scrip closed at a gain of 2.78 per cent at ₹2,651.15 apiece on the BSE.