HDFC, the country’s leading housing financier, on Friday reported 42.43 per cent year-on-year (Y-o-Y) growth in standalone net profit at Rs 3,179.83 crore for the January-March quarter of FY21 (Q4 of FY21). This compares with net profit of Rs 2,232.5 crore reported in the previous year period (Q4 of FY20). On a quarterly basis, the net profit rose by 8.6 per cent from Rs 2,925.8 crore reported in Q3 of FY21. 

The Mumbai-based mortgage lender’s revenue, however, contracted by 2 per cent from Rs 11,975.72 crore in Q4 of FY20 to Rs 11,697.1 crore during the Q4 of FY21. Its profit before tax (PBT), meanwhile, increased by a whopping 45.73 per cent YoY to Rs 3,923.94 crore from Rs 2,692.44 crore. For the full financial year of 2020-21, HDFC reported PBT of Rs 14,815 crore, while the reported profit after tax (PAT) or net profit was Rs 12,027 crore. 

“The profit numbers for the year ended March 31, 2021 are not comparable with those of the previous year. In the previous year, the corporation had recorded a fair value gain consequent to the merger of GRUH Finance with Bandhan Bank, amounting to Rs 9,020 crore,” HDFC said in its statement. 

“To facilitate a like-for-like comparison of the financials, after adjusting for profit on sale of investments, dividend, fair value adjustments, income on assigned loans, charge for employee stock options and provisions, the adjusted profit before tax for FY21 stood at Rs 13,823 crore compared to Rs 11,586 crore, up 19 per cent YoY,” the corporation added. 

The net interest income (NII) grew by a healthy 14 per cent on year to Rs 4,065 crore compared with Rs 3,564 crore in the previous year. Net interest margin (NIM) for the year ended March 31, 2021 stood at 3.5 per cent. 

HDFC’s board approved re-appointment of Keki M Mistry as the managing director of the mortgage lender for a period of three years with effect from May 7, 2021. Besides, it has recommended a final dividend of Rs 23 per equity share for FY21 compared to Rs 21 per equity share in the previous year. 

The mortgage company’s assets under management (AUM) stood at Rs 5.70 lakh crore at the end of Q4 of FY21 relative to Rs 5.16 lakh crore as of March 31, 2020, owing to low interest rates, softer property prices, concessional Stamp Duty rates in certain States and continued fiscal incentives on home loans. 

At the end of the quarter under review, HDFC’s gross non-performing assets (GNPAs) stood at Rs 9,759 crore which is 1.98 per cent of the loan portfolio. Of these, NPA for individual portfolio stood at 0.99 per cent, while that of the non-individual portfolio stood at 4.77 per cent.