NEW DELHI: Housing finance firm HDFC Ltd on Monday reported a 10 per cent decline in consolidated net profit to Rs 4,341.58 crore for the fourth quarter ended March 31.
The company’s net profit (before adjustment of minority interest) was Rs 4,811.26 crore in January-March quarter of 2018-19.
The board has proposed a dividend of Rs 21 per share of the face value of Rs 2 per unit, HDFC Ltd said in a regulatory filing.
On a standalone basis, the profit of HDFC during the quarter slipped by 22 per cent at Rs 2,232.55 crore as against Rs 2,861.58 crore in the same quarter previous fiscal.
During the quarter, the net interest income improved to Rs 3,780 crore compared to Rs 3,161 crore in the corresponding quarter previous year.
For the full fiscal, the net profit on standalone basis nearly doubled to Rs 17,769.65 crore as against Rs 9,632.46 crore.
However, HDFC Ltd in a statement said the profit numbers for the year are not directly comparable with that of the previous year due to various reasons, including additional provisioning for the impact of COVID-19 of Rs 5,913 crore as against Rs 935 crore in the previous fiscal.
“The gross non-performing loans as of March 31, 2020 stood at Rs 8,908 crore. This is equivalent to 1.99 per cent of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.95 per cent while that of the non-individual portfolio stood at 4.71 per cent,” it said.
As per National Housing Bank (NHB) norms, it said, the company is required to carry a total provision of Rs 4,188 crore. Of this, Rs 1,921 crore is towards provisioning for standard assets, and Rs 2,267 crore is towards non-performing assets.
Source: Press Trust of India