Internet revenue elevated to Rs 3,669 crore within the quarter ended June 2022 from Rs 3,001 crore within the earlier 12 months, led a 66% progress in particular person mortgage disbursements, the best ever disbursements for HDFC within the first quarter of any monetary 12 months to date.
Belongings beneath administration (AUM) elevated to Rs 6.71 lakh crore from Rs 5.74 lakh crore within the earlier 12 months. Particular person loans comprise 79% of HDFC’s AUM and grew 19% 12 months on 12 months.
Dividend revenue elevated to Rs 687 crore from a mere Rs 16 crore final 12 months primarily as in contrast to final 12 months, a majority of the corporate’s subsidiaries paid dividend within the first quarter.
, the biggest among the many subsidiaries is the one one which didn’t pay dividend within the first quarter.
The excessive dividend revenue masked a pointy fall in web features on honest worth adjustments which plunged to simply Rs 8 crore from Rs 402 crore a 12 months in the past. CEO Keki Mistry stated the autumn in honest worth features was because of the volatilities within the inventory market.
Strong particular person mortgage progress and excessive dividend revenue masked a fall in HDFC’s web curiosity margin (NIM) which dropped to three.4% in June 2022 from 3.7% a 12 months in the past.
Mistry stated rate of interest hikes by the Reserve Financial institution of India (RBI) have impacted each the NIM and web curiosity revenue however the affect will probably be transitory as the corporate has been capable of cross on the complete 90 foundation factors hike to its clients. One foundation level is 0.01 share level.
“We’re additionally repricing the incremental loans each month now versus each three months earlier which is able to quicken the cross by means of of fee hikes and enhance margins,” Mistry stated.
The corporate’s credit score prices fell to 0.33% of loans from 0.50% a 12 months in the past as asset high quality improved.
Whole NPLs dropped to 1.61% of loans from 2.24% within the earlier 12 months. Taking into accourt the RBI’s new asset classification norms, whole NPAs had been at 1.78% as of June 2022.
HDFC carried a complete provision of Rs 13,328 crore on the finish of June. The corporate is within the technique of elevating a 3 12 months worldwide mortgage for on-lending within the inexpensive housing phase after the RBI elevated the exterior industrial borrowing (ECB) restrict to $1.5 billion from $750 million earlier this month.