HDFC Q2 business update | Firm assigned Rs 9,145 crore loans to HDFC Bank

HDFC Q2 business update | Firm assigned Rs 9,145 crore loans to HDFC Bank

It had assigned a Rs 7,132 crore loan in the corresponding quarter of the previous fiscal.

Housing Development Finance Corporation Ltd (HDFC) on October 3 said in its business update that it assigned loans amounting to Rs 9,145 crore to during the quarter ended September 30 (Q2FY23).

It had assigned a Rs 7,132 crore loan in the corresponding quarter of the previous fiscal.

All the loans assigned during the quarter were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between the firm and HDFC Bank.

HDFC further said loans sold in the preceding 12 months amounted to Rs 34,513 crore (Previous Year: Rs 27,199 crore).

Gross income from dividends for the quarter ended September 30, 2022, was Rs 1,360 crore (Previous Year: Rs 1,171 crore).

During the quarter ended September 30, 2022, the profit on sale of investments was Nil (Previous Year: Nil), HDFC said.

While the company has shared its business update for the second quarter, the financials result for the July-September period is yet to be released.

In the first quarter, HDFC reported a net profit of Rs 3,668.82 crore, an increase of 22 percent from the year-ago period. The increase in net profit came on the back of a healthy 16.9 percent growth in assets under management that helped net interest income to rise by 7.8 percent.

On October 3, HDFC’s shares closed at Rs 2,282.95 apiece at the BSE, which was 0.29 percent down as compared to the previous day’s close.

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