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Monday, January 27, 2020

HDFC Q3 standalone net soars

HDFC Q3 standalone net soars nearly four times to 8,372 cr on one-time gain

  • HDFC got a boost of 9,019.8 cr from fair value gain from merger of Gruh Finance with Bandhan Bank
  • Provisions spiked to 2,995 crore from 116 crore in the year-ago period and 754 crore in the second quarter

Mumbai: Housing Development Finance Corporation (HDFC) has reported nearly four-time growth in its standalone net profit at 8,372.49 crore for the third quarter ended 31 December, 2019, aided by a value gain of 9,019.81 crore consequent to merger of Gruh Finance, an associate, with Bandhan Bank.
The housing finance company had posted a net profit of 2,113.80 crore in the same quarter previous fiscal, HDFC said in a filing to the Bombay Stock Exchange. Net profit was higher than 6,440 crore estimated by a Bloomberg poll of 15 analysts.
Gruh Finance Ltd, an associate of the Corporation merged into and with Bandhan Bank Ltd with effect from October 17, 2019. The corporation alloted 159 million shares or 9.9% of the total issued share capital of Bandhan Bank. In accordance, investment in Associates and Joint venutres on drecorgnition of investment in GRUH, the corporation has recognised a fair value gain of 9019.81 crore. During the quarter, The National Company Law Tribunal, Ahmedabad and Kolkata benches approved the scheme of amalgamation of Gruh with Bandhan Bank, it said in the exchange filing.

The total revenue from operations increased by 92% to 20,285.47 crore in Q3FY20 from 10,575 crore in Q3FY19, the mortgage lender said in a regulatory filing.
Net interest income (NII) for December quarter of this fiscal jumped 13.56% to 2,957.83 crore as compared to 2,604.57 crore in the same quarter last year. Net interest margin stood at 3.3%.
During the quarter, HDFC has made provisions of 2,995 crore from 116 crore in the year-ago period and 754 crore in the quarter ended 30 September, 2019.
As of 31 December, 2019, the loan book stood at 4.41 trillion aas against 3.89 trillion in the previous year, representing a growth of 13%.On an AUM basis, the growth in the individual loan book was 16%. The growth in the total loan book was 14%.
The gross non-performing loans as at December 31, 2019 stood at 5,950 crore, equivalent to 1.36% of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.75% while that of the non-individual portfolio stood at 2.91%.
The spread on loans over the cost of borrowings for the nine months ended 31 December, 2019 was 2.27%. The spread on the individual loan book was 1.93% and on the non-individual book was 3.14%.
Shares of HDFC closed 2.25% lower at 2,395.80 apiece on the BSE on Monday.

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