HDFC reports Rs 2114 crore net profit during Q3 2018-19

Housing finance company HDFC Ltd Tuesday reported a net profit of Rs 2,113.80 crore on the standalone basis for the third quarter ended December 2018. The company had posted a net profit of Rs 5,300 crore in the October-December quarter of the last financial year.

The profit numbers for the quarter ended December 31, 2018, are not comparable with that of the quarter ended December 31, 2017, HDFC Ltd said in a statement. In the quarter ended December 31, 2017, the company had sold shares in the initial public offer of HDFC Life Insurance Company Limited for a consideration of Rs 5,250 crore.

Total income rose to Rs 10,569 crore during the December quarter against Rs 8,824 crore in the year-ago period. As per the National Housing Bank (NHB) norms, the gross non-performing assets stood at 1.22 per cent of the total assets (Rs 4,731 crore) at the end of the quarter.

The capital adequacy ratio stood at 18.9 per cent, of which Tier I capital was 17.2 per cent and Tier II capital was 1.7 per cent, it said. As per the regulatory norms, the minimum requirement for the capital adequacy ratio and Tier I capital is 12 per cent and 6 per cent respectively, it said.

During the nine months ended December 2018, the company's profit after tax before other comprehensive income was Rs 6,771 crore compared to Rs 8,703 crore in the corresponding period of the previous year. The board approved the appointment of Ireena Vittal as an independent director of the company for a period of 5 years with effect from January 30, 2019, it added.

(With inputs from agencies.)