Reuters | , Posted via Singh Rahul Sunilkumar
India’s biggest loan lender Housing Development Finance Corporation Ltd reported a bigger-than-expected 19.6% upward thrust in fourth-quarter benefit, boosted via sturdy call for for loans.
HDFC stated benefit after tax rose to 44.26 billion rupees ($541.09 million) for the 3 months ended March 31, from 37 billion rupees a 12 months previous.
Analysts, on moderate, had anticipated benefit after tax of 38.86 billion rupees, in keeping with Refinitiv IBES knowledge.
The lender stated it equipped particular person loans value 93.40 billion rupees all through the quarter, when put next with 83.67 billion rupees a 12 months previous.
Demand for housing has surged after the pandemic, as a emerging heart magnificence seems to be to put money into actual property. Growth in house loans was once noticed predominantly within the mid-income section and high-end homes, HDFC stated.
Net hobby revenue for the quarter grew 16% to 53.21 billion rupees. The lender, alternatively, stated revenue all through the 12 months was once impacted via financial coverage and rate of interest movements via the central financial institution.
The Reserve Bank of India paused price hikes in a marvel resolution final month, after elevating the repo price via a complete of 250 bps since May final 12 months.
Net hobby margin for the 12 months ended March thirty first stood at 3.6%.
HDFC is on course to merge with India’s biggest non-public lender HDFC Bank Ltd. The $40 billion merger is predicted to conclude via July this 12 months. The RBI in April allowed HDFC and HDFC Bank selective regulatory aid with a view to easy out the merger between the 2 entities.
Shares of HDFC had been up 2.4% after the effects, when put next with a 1.2% upward thrust within the Nifty Financial index.