Housing Growth Finance Corp. noticed its web revenue rise within the fourth quarter on higher mortgage progress and better web curiosity earnings.
Web revenue of the mortgage lender elevated 16.35% year-on-year to Rs 3,700 crore within the quarter ended March, based on an change submitting. That compares with the Rs 3,518-crore consensus estimate of analysts tracked by Bloomberg.
Its web curiosity earnings, or core earnings, rose 14% year-on-year to Rs 4,601 crore.
The corporate reported belongings underneath administration price Rs 6.54 lakh crore as of March, up 15% over the yr earlier. On an AUM foundation, progress in HDFC’s particular person mortgage e book was 17% year-on-year. Particular person mortgage comprised 79% of the whole e book.
HDFC’s asset high quality additionally improved throughout the interval.
Its gross non-performing asset ratio stood at 1.91% in contrast with 2.32% as of December.
The corporate carried whole provision price Rs 13,506 crore as of March 2022.
“This clearly displays an enchancment within the assortment effectivity in addition to stabilisation of credit score prices on a marginal foundation,” HDFC mentioned in an announcement.
As of March 2022, loans restructured underneath the Reserve Financial institution of India’s decision framework for Covid-19-related stress was equal to 0.80% of the mortgage e book. Of the loans restructured, 98% are particular person loans and a pair of% are non-individual loans. The biggest account restructured underneath the decision framework of Rs 2,764 crore was absolutely repaid as on March 31.