It’s profit after tax was at Rs 1,424 crore in the same period last year.
The housing finance company adopted the new accounting standard – Ind As – from the June quarter for its standalone financials.
“The increase in profit was on account of dividend from HDFC Bank, which normally gives in the second quarter, but has given dividend in the first quarter and also on good asset quality,” it’s vice chairman and chief executive officer, Keki Mistry, told reporters in Mumbai on Monday.
The net interest income grew 20 per cent at Rs 2,890 crore during the reporting quarter, against Rs 2,412 crore in the year-ago period.
The net interest margins stood at 3.5 per cent, compared with 3.4 per cent last year.
The spread on loans over the cost of borrowings for the June quarter stood at 2.28 per cent, while the spread on individual loan book was 1.91 per cent and on the non-individual book was 3.14 per cent.
The gross non-performing loans stood at 1.18 per cent, against 1.11 per cent in the year-ago quarter.
The non-performing loans of the individual portfolio stood at 0.66 per cent, while that of non-individual portfolio stood at 2.32 per cent.
As on June 30, 2018, the lender’s loan book stood at Rs 3,71,988 crore, compared with Rs 3,13,573 crore as on June 30, 2017.
Its total individual loan disbursements grew by 17 per cent.
The mortgage lender sold individual loans amounting to Rs 9,714 crore in the June quarter, against Rs 2,922 crore sold in the same quarter last year.
It’s scrip closed 0.80 per cent down at Rs 2,028.05 apiece on the BSE today, against 0.42 per cent rise in the benchmark.
On the upcoming monetary policy meeting, Mistry said RBI may hike repo rate one more time in this calendar year.
“It (rate hike in the coming upcoming RBI policy) is possible as inflation numbers are a bit of a worry, the US is expected to increase rate very sharply and also oil prices continue to be a matter of concern. In my view there will be one more rate hike. But whether that one rate hike happens in August or in October, I don’t know,” he said.
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Source: News18