Individual loan business continues to exhibit improvement in Q4 of FY2021, says HDFC
In a regulatory filing, the company said, “the individual loan business continued to see strong improvements during the quarter ended Match 31, 2021.”
The consolidated net profit of Housing Development Finance Corporation (HDFC) jumped to Rs 5,724.23 crore in December quarter as compared to Rs 4,196.48 crore in the same period of the previous fiscal year.
The company’s total income (consolidated basis) rose to Rs 39,267.59 crore during the quarter under review. The company had posted its total income at Rs 29,073.19 crore in the same period of 2019-20, HDFC Ltd said in a regulatory filing on Tuesday.
However, the corporation said that profit numbers for the quarter are not comparable with that of the corresponding quarter/period of the previous year.
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The merger of GRUH Finance with Bandhan Bank was effective October 17, 2019, it added.
“There has been a significant recovery and strong growth in the individual business during the quarter ended December 31, 2020. On a nine month basis from April 1, 2020 to December 31, 2020, the impact of the pandemic induced lockdown has to be factored in and hence the current and previous year’s numbers are not directly comparable,” it added further.
HDFC shares closed 2.91 per cent at Rs 2,657.65 apiece on BSE.
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