Housing finance firm HDFC on Thursday reported 13% jump in net profit at Rs 3,691 crore for the quarter ending December 31, 2022 as against Rs 3,261 crore in the year-ago period.
As at December 31, 2022, the assets under management stood at Rs 7,01,485 crore as against Rs 6,18,917 crore in the previous year.
At 1350 hours on Thursday, the firm’s scrip on BSE was trading 2% lower at Rs 2,605.55.
As at December 31, 2022, the Corporation’s capital adequacy ratio stood at 23.7%, of which Tier I capital was 23.2% and Tier II capital was 0.5%. As per regulatory norms, the minimum requirement for the capital adequacy ratio and Tier I capital is 15% and 10%, respectively.
The net interest income for the quarter ended December 31, 2022 stood at Rs 4,840 crore as compared to Rs 4,284 crore in the previous year, registering a growth of 13%.
Total expenses rose 37.3% to Rs 10,635 crore, mainly driven by higher finance costs that surged 41%.
HDFC, set to merge with private lender HDFC Bank, said interest income climbed 30.8% to Rs 14,458 crore, while net interest margin for nine-months ended Dec. 31, stood at 3.5%.