Housing finance major HDFC on Monday reported a 16 per cent jump in its profit after tax (PAT) to Rs 3,700 crore for the March 2022 quarter, compared with Rs 3,180 crore in the year-ago quarter. Its net interest income (NII) also increased 14 per cent to Rs 4,601 crore, against Rs 4,027 crore a year ago.
Its assets under management (AUM) stood at Rs 6,53,902 crore at the end of the March 2022 quarter, against Rs 5,69,894 crore in the previous year. As of March 31, 2022, individual loans comprise 79 per cent of the AUM. On an AUM basis, the growth in the individual loan book was 17 per cent and growth in the total AUM was 15 per cent, HDFC said in a statement.
HDFC assigned individual loans amounting to Rs 8,367 crore during January-March 2022, compared with Rs 7,503 crore in the year-ago period. Individual loans sold in the preceding 12 months amounted to Rs 28,455 crore, against Rs 18,980 crore a year ago. HDFC also assigned standard, non-individual loans amounting to Rs 1,500 crore during the year, according to the statement.
Its board of directors also recommended a dividend for the year ended March 31, 2022, of Rs 30 per equity share of a face value of Rs 2 each, compared with Rs 23 per equity in the previous year. The dividend pay-out ratio is 40 per cent, HDFC said.
“The demand for home loans and pipeline of loan applications continues to remain strong. Growth in home loans was seen in both, the affordable housing segment as well as in high-end properties. The increasing sales momentum and new project launches augur well for the housing sector. About 91 per cent of new loan applications were received through digital channels,” it said.
In the March 2022 quarter, the non-individual loan book recorded growth, with a good pipeline of loans from lease rental discounting and construction finance.
At the end of the March 2022 quarter, the Corporation’s capital adequacy ratio stood at 22.8 per cent. Of this, Tier-I capital was 22.2 per cent and Tier-II capital was 0.6 per cent. According to regulatory norms, the minimum requirement for the capital adequacy ratio and Tier-I capital is 15 per cent and 10 per cent, respectively.
The collection efficiency for individual loans on a cumulative basis stood at over 99 per cent during the quarter ended March 31, 2022.
“As of March 31, 2022, the gross individual non-performing loans (NPLs) stood at 0.99 per cent of the individual portfolio, while the gross non-performing non-individual loans stood at 4.76 per cent of the non-individual portfolio. The gross NPLs as of March 31, 2022, stood at Rs 10,741 crore. This is equivalent to 1.91 per cent of the portfolio,” HDFC said.
This marks a significant improvement compared to December 31, 2021, where the gross individual NPLs stood at 1.44 per cent and the gross non-individual NPLs stood at 5.04 per cent of the non-individual portfolio.
As of March 31, 2022, the unaccounted gains on listed investments in subsidiary and associate companies amounted to Rs 2,34,248 crore.
For the full financial year, HDFC’s profit after tax for 2021-22 stood at Rs 13,742 crore as compared with Rs 12,027 crore in the previous year. For the year ended March 2022, the cost-to-income ratio stood at 8.1 per cent.
On the consolidated basis, HDFC’s profit after tax attributable to the Corporation for the financial year 2021-22 stood at Rs 22,595 crore as compared with Rs 18,740 crore in the previous year, which is a growth of 21 per cent.
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