- For the full year of FY23, its standalone net profit grew 18% to ₹16,239 crore.
- During the year, the monetary policy and interest rate actions did have an impact on the NII, the lender said.
- Growth in home loans was seen predominantly in the mid-income segment and high-end properties,
HDFC said.
For the full year of FY23, its standalone net profit grew 18% to ₹16,239 crore as compared to ₹13,742.18 crore the year before. Its assets under management stood at over ₹7.2 lakh crore.
The net interest income (NII) for the fourth quarter stood at ₹5,321 crore compared to ₹4,601 crore in the previous year, representing a growth of 16%.
“During the year, the monetary policy and interest rate actions did have an impact on the NII. Though lending rates increased, there has been a transmission lag between the interest rate increase in borrowing costs and asset repricing,” the company said in a press release.
The NII for the year ended March 31, 2023 stood at ₹ 19,248 crore compared to ₹ 17,119 crore in the previous year. The reported Net Interest Margin for the year was 3.6%.
The lender also said that the inherent demand for home loans continues to remain strong. Growth in home loans was seen predominantly in the mid-income segment and high-end properties.
For FY23, individual loan disbursements grew by 16% compared to the previous year. Also, 94% of new loan applications in FY23 were received through digital channels. In the month of March 2023, the corporation recorded its highest ever monthly individual disbursements.
HDFC declared an interim dividend for the year ended March 31, 2023 of ₹44 per equity share of face value of ₹2 each compared to a final dividend of ₹30 per equity share in the previous year.
The lender also said for the year ended in March 2023, the consolidated profit after tax attributable to the Housing Development Finance Corporation (HDFC) stood at ₹26,161 crore, a growth of 16% year-on-year.
(With inputs from PTI)