Housing Development Finance Corp. Ltd. reported a sharp rise in its July-September quarter net profit on higher interest income.
The housing finance company’s net profit rose 18% year-on-year to Rs 4,454 crore, according to its exchange filing. That compares with the Rs 4,277-crore consensus estimates of analysts tracked by Bloomberg.
Net interest income, too, rose 13% from a year ago to Rs 4,639 crore.
India’s largest non-bank housing financier reported assets under management of Rs 6.9 lakh crore, as of Sept. 30, up 15.55% year-on-year.
Loans to individuals rose 20% from a year ago and constituted 81% of total outstanding loans.
Asset quality conditions improved, with gross non-performing asset ratio at 1.59% at the end of the second quarter, down 19 basis points sequentially.