HDFC Q4 net profit jumps 27 pc at Rs 2,862 cr

Mortgage lender HDFC Monday reported a 27 per cent increased in standalone net profit to Rs 2,862 crore for the quarter ended March, mainly due to healthy growth in balance sheet and better asset quality.

It had reported a profit after tax of Rs 2,257 crore for the same quarter last year.

"Overall the balance sheet has grown. Spreads have moved up and non-performing loans have come down a little bit," its Vice-chairman and CEO Keki Mistry told reporters.

For the year 2018-19, it reported a profit after tax of Rs 9,633 crore as against Rs 10,959 crore in FY2017-18.

The profit numbers for the fiscal 2019 are not comparable with that of FY2018.

"The higher profit in the previous year is on account of profit of Rs 5,265 crore on sale of its stake in HDFC Life," Mistry said.

The spread on loans over the cost of borrowings for the year ended March 31, stood at 2.30 per cent.

The spread on the individual loan book was 1.91 per cent and on the non-individual book, it was 3.17 per cent. Net ...