Housing Development Finance Corporation Ltd (HDFC) reported a 61 per cent jump in second quarter standalone net profit at Rs 3,962 crore against Rs 2,467 crore in the year ago period. The bottom line was supported by a sharp rise in dividend income and profit on sale of investments, among others.
On the revenue side, interest income in the reporting quarter was up 10 per cent to Rs 10,478 crore (Rs 9,495 crore in the year ago period). Dividend income skyrocketed to Rs 1,074 crore (Rs 5.77 crore).
Profit on sale of investment surged to Rs 1,627 crore (Rs 891 crore) due to sale of GRUH Finance Ltd’s 6.74 crore equity shares of face value Rs 2 each.
On the expenses side, finance cost rose 11 per cent to Rs 7,831 crore (Rs 7,045 crore). Provisions towards impairment of financial instruments jumped 88 per cent to Rs 754 crore (Rs 401 crore).
Loans increased 11 per cent year-on-year to stand at Rs 4,19,455 crore as at September-end 2019.