HDFC net profit rises 24 pc to Rs 4,196 cr in Q3

Mortgage lender HDFC Ltd on Monday reported a 24.3 percent rise in consolidated net profit to Rs 4,196.48 crore for the third quarter ended December. It had posted a net profit (before adjustment for minority interest) of Rs 3,377.05 crore during the corresponding October-December period of 2018-19.

Total income on consolidated basis rose to Rs 29,073.19 crores during the quarter as against Rs 24,653.15 crore in the year-ago period. On a standalone basis, the net profit jumped by nearly four times to Rs 8,372.49 crore from Rs 2,113.80 crore in the same period of previous fiscal, HDFC said in a regulatory filing.

Income was up at Rs 20,291.46 crore as against Rs 10,582.49 crore. Gruh Finance Ltd (Gruh), an associate of the Corporation merged into and with Bandhan Bank with effect from October 17, 2019, it added.

"The Corporation was allotted 15,93,63,149 shares aggregating to 9.90 percent of the total issued share capital of Bandhan Bank...on derecognition of investment in Gruh, the Corporation has recognized a fair value gain of Rs 9,019.81 crore," HDFC said. The stock of HDFC closed at Rs 2395.80 on the BSE, down 2.25 percent from the previous close.