HDFC posts net profit of Rs 2,114 crores during third quarter of 2018

Housing finance major HDFC on Tuesday reported a standalone net profit of Rs 2,114 crore during the third quarter of 2018-19. According to the company, standalone net profit during the quarter under review was not comparable with that of the quarter ended December 31, 2017 as the latter included the proceeds from the IPO of HDFC Life.

The company had reported a net profit of Rs 5,300 crore for the corresponding period of the previous fiscal. Besides, the firm's net interest income during the quarter under review stood at Rs 2,871 crore compared to Rs 2,442 crore in the corresponding quarter of the previous year, representing a growth of 18 percent.

"As per National Housing Bank (NHB) norms, the gross non-performing loans as at December 31, 2018 stood at Rs 4,731 crore. This is equivalent to 1.22 percent of the loan portfolio," the company said in a statement. "As per NHB norms, the corporation is required to carry a total provision of Rs 3,068 crore. As against this, the balance in the Provisions and Loan Losses Account as at December 31, 2018 stood at Rs 5,220 crore. This is equivalent to 1.35 percent of the loan portfolio." The company's scrip at the BSE slipped by 1.53 percent or Rs 29.80 to Rs 1,918.80 on Tuesday from its previous close of Rs 1,948.60.