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<ul><li>HDFC is looking to bring in more capital in the wake of the coronavirus pandemic to the tune of ₹14,000 crore. </li><li>India’s biggest mortgage lender plans to raise ₹10,000 through qualified institutional placement (QIP) and ₹4,000 in warrants. </li><li>Another ₹9,000 will be issued as secured redeemable non-convertible debentures.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider. </a></li></ul>India’s biggest mortgage lender Housing Development Finance Corporation (HDFC) is on the hunt for capital and that's boosting its share price. HDFC’s stock value jumped by 1.5% in early morning trade after the company announced that it has plans to raise ₹14,000 crore through its new equity fundraising program. Around ₹10,000 crore will come from qualified institutional placement (QIP) and ₹4,000 crore in warrants. <div type="image" title="HDFC BANK stock price (1)" msid="77385963" hostid="261" caption="&amp;lt;p&amp;gt;HDFC share price jumps 1.5% as markets open today morning&amp;lt;/p&amp;gt;"></div> The floor price for the equity shares has been set to ₹1,838.94 and the board of directors will meet again on August 10 to determine the issue price. In addition to the ₹14,000 crore, HDFC will also be issuing secured redeemable non-convertible debentures worth ₹9,000 crore. This is the third time in the last 12 years that HDFC is raising capital through such an offering. It did so once in 2009 and then again in 2015. HDFC's first full quarter in the face of the coronavirus pandemic saw a loss of 4.7% at the end of June. Its gross non-performing loans stood at ₹8,631 crore accounting for 1.87% of HDFC’s loan portfolio. The company already has ₹12,285 in the bank as provisions to serve as a cushion once the Reserve Bank of India’s (RBI) moratorium ends on August 31. It even added another ₹1,199 this quarter specifically for COVID related accounts. Despite having safeguards in place, many companies are going down the QIP route to shore up capital against the uncertainty of the coronavirus pandemic. This includes Kotak Mahindra Bank, Info Edge and — most recently to lay down its offering — <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-finalises-10000-crore-share-sale-to-raise-funds-at-a-floor-price-of-442-19/articleshow/77354177.cms">Axis Bank for a whopping ₹ 10,000 crore</a>. Others either have approved fundraising plans on stand by or are in the process of putting out their own QIP. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-amazon-team-up-to-take-on-jio-microsoft-in-the-battle-for-indias-cloud-market/articleshow/77371744.cms">Airtel-Amazon team up to take on Jio-Microsoft in the battle for India’s cloud market</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-wants-25-30-of-its-employees-working-from-home-permanently-by-june-2021/articleshow/77346959.cms">INTERVIEW: Tech Mahindra wants 25-30% of its employees working from home permanently by June 2021 — CFO explains how they got to that number</a>

HDFC’s share price opened 1.5% higher after announcing ₹14,000 crore fundraising

<ul><li>On March 13th, a surge in the <keyword id="6359580" type="UNKNOWN" weightage="20" keywordseo="Share-Price">share price</keyword> of <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> drove the lender past a <keyword id="6463972" type="UNKNOWN" weightage="20" keywordseo="market-value">market value</keyword> of ₹6 trillion. </li><li>HDFC Bank has been on a remarkable run as of late. The shares of the bank have risen in each of the last five trading sessions, capping a 6% jump to a record high of ₹2,227.40. </li><li>At a time when the Indian <keyword id="6354778" type="ORGANIZATION" weightage="20" keywordseo="Banking">banking</keyword> sector has seen profits shrink amid higher provisions for bad loans, HDFC has consistently recorded a 20% growth in profits for the last couple of years. </li></ul>On March 13th, a surge in the share price of HDFC Bank drove the lender past <a href="https://www.google.com/search?rlz=1C1GCEU_enIN820IN820&amp;biw=1366&amp;bih=625&amp;ei=Z8WIXMb9EMTQvgShp6KABg&amp;q=hdfc+bank+share+price&amp;oq=hdfc+bank+share+price&amp;gs_l=psy-ab.3..0i131j0l9.64.1619..1714...0.0..0.155.1572.0j11......0....1..gws-wiz.......0i71j0i67.YCB4Bu0F1RA">a market value of ₹6 trillion</a> - making it only the third Indian company to do so after Mukesh Ambani’s <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> and Tata Consultancy Services, which crossed the mark <a href="https://www.newsbytesapp.com/timeline/Business/12311/64525/reliance-industries-market-cap-touches-rs-6-trillion">in October 2017</a> and <a href="https://www.moneycontrol.com/news/business/tata-consultancy-services-regains-most-valued-firm-crown-with-rs-6-lakh-cr-m-cap-2548069.html">April 2018</a>, respectively. HDFC Bank has been on a remarkable run as of late. The shares of the bank have risen in each of the last <a href="https://www.google.com/search?rlz=1C1GCEU_enIN820IN820&amp;biw=1366&amp;bih=625&amp;ei=Z8WIXMb9EMTQvgShp6KABg&amp;q=hdfc+bank+share+price&amp;oq=hdfc+bank+share+price&amp;gs_l=psy-ab.3..0i131j0l9.64.1619..1714...0.0..0.155.1572.0j11......0....1..gws-wiz.......0i71j0i67.YCB4Bu0F1RA">five trading sessions</a>, capping a 6% jump to a record high of ₹2,227.40. Concurrently, the Nifty Bank Index hit <a href="https://www.google.com/search?q=Bank+Nifty+index&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=Bank+Nifty%C2%A0index&amp;aqs=chrome..69i57&amp;sourceid=chrome&amp;ie=UTF-8">an all-time high </a>of nearly 29,000 points this morning. The increased enthusiasm for HDFC Bank’s shares follows an announcement that the bank will meet on <a href="https://www.thehindubusinessline.com/companies/announcements/results/hdfc-bank-ltd-board-meeting-intimation-for-financial-results-for-quarter-and-year-ending-31st-march-2019-and-recommendation-of-dividend-if-any/article26511006.ece">April 20th </a>to review its results for the 2018-19 fiscal year. The bank started as housing finance company in 1977, before commencing operations as a scheduled commercial bank in 1995 as part of the RBI’s drive to liberalise India’s banking sector. In the last one year, HDFC Bank’s shares have risen by 19%. At a time when the Indian banking sector has seen profits shrink amid higher provisions for bad loans, HDFC has consistently recorded a 20% growth in profits for <a href="https://economictimes.indiatimes.com/hdfc-bank-ltd/yearly/companyid-9195.cms">the last couple of years</a>. The bank posted <a href="https://www.hdfcbank.com/htdocs/common/pdf/corporate/Financial-Results-for-Quarter-and-Nine-months-ended-December-30-2018.pdf">a solid earnings report</a> for the quarter ended December, with a 20% growth in profits as well and a bad loan ratio of less than 1.5%. In February, CLSA, a global brokerage, listed the bank as one of its best bets in India’s banking sector, citing its<a href="https://www.moneycontrol.com/news/business/markets/clsa-bullish-on-hdfc-hdfc-bank-expects-25-30-upside-going-ahead-3577771.html"> healthy growth and increasing market share</a>. The lender seems set to be the highest-valued bank in India for a long while. The second-largest bank by market cap is ICICI, which has a market value of <a href="https://www.google.com/search?rlz=1C1GCEU_enIN820IN820&amp;ei=iNCIXLLeLMS_8QOFhJaoAg&amp;q=ICICI+bank+share+price&amp;oq=ICICI+bank+share+price&amp;gs_l=psy-ab.3..0i7i131i30j0l9.14972.15642..16038...0.0..0.147.698.0j5......0....1..gws-wiz.......0i71j0i7i30.10-S3K80BW4">₹2.52 trillion</a>. HDFC Bank still has miles to go, however, if it wants to catch up with Reliance Industries, which has a market value of <a href="https://www.google.com/search?rlz=1C1GCEU_enIN820IN820&amp;ei=r8SIXIyFKIn4vgSSgomACw&amp;q=reliance+share+price&amp;oq=reliance+share+price&amp;gs_l=psy-ab.3..0i131i67j0i7i30l9.4755.5611..5801...0.0..0.148.1122.0j8......0....1..gws-wiz.......0i71.8NcVOVptXpY">₹8.52 trillion</a>, and TCS, with <a href="https://www.google.com/search?q=tcs+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=tCS+sha&amp;aqs=chrome.0.69i59j0j69i57j0l3.2779j0j7&amp;sourceid=chrome&amp;ie=UTF-8">₹7.49 trillion</a>. In July 2018, Reliance Industries overtook TCS to become <a href="https://www.businessinsider.in/reliance-industries-just-beat-tata-consultancy-services-to-become-indias-highest-valued-company/articleshow/65212268.cms">India’s most valuable company</a>, with a market cap of ₹7.46 trillion compared to the latter’s ₹7.39 trillion. At the time, HDFC Bank had a market value of ₹5.74 trillion. SEE ALSO: <a href="https://www.businessinsider.in/reliance-industries-just-beat-tata-consultancy-services-to-become-indias-highest-valued-company/articleshow/65212268.cms">Reliance Industries just beat Tata Consultancy Services to become India’s highest-valued company</a>

HDFC just became the third Indian company after Reliance and TCS to achieve a market  value of more than ₹6 trillion

<ul><li>Private sector lender <keyword id="6357149" type="DOMAIN" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> on Saturday reported a 15.4% rise in consolidated net profit at ₹7,280.22 crore for the fourth quarter of 2019-20. </li><li>The bank had posted a net profit of ₹6,300.81 crore during the corresponding January-March period of 2018-19. </li><li>The central bank had debarred lenders from dividend payouts so that they can conserve capital in an environment of heightened uncertainty caused by the COVID-19 crisis.</li></ul>Private sector lender HDFC Bank on Saturday reported a 15.4 per cent rise in consolidated net profit at Rs 7,280.22 crore for the fourth quarter of 2019-20. The bank had posted a net profit of Rs 6,300.81 crore during the corresponding January-March period of 2018-19. The consolidated total income during the March quarter of 2019-20 increased to Rs 38,287.17 crore, from Rs 33,260.48 crore a year ago, the bank said in a regulatory filing. The bank said it will not make any further dividend payouts from profit pertaining to 2019-20, as per RBI directives announced on Friday. The central bank had debarred lenders from dividend payouts so that they can conserve capital in an environment of heightened uncertainty caused by the COVID-19 crisis. Accordingly, the board of directors of HDFC Bank, at their meeting held on Saturday, did not propose any final dividend for the year ended March 31, 2020, it added. See also: <a href="https://www.businessinsider.in/business/corporates/news/tvs-motor-acqusition-of-norton-motorcycles-uk-is-like-tata-motors-buying-jaguar-land-rover-jlr/articleshow/75216719.cms">TVS Motor and the Tata⁠ Group have something in common— the lure of struggling British icons</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-earnings-q4-2020-profits-margins-and-revenue/articleshow/75182689.cms">TCS reports flat growth, offers dividend of ₹6 per share</a> <a href="https://www.businessinsider.in/finance/news/the-road-to-being-classified-a-bad-loan-just-got-longer-with-rbis-relaxation/articleshow/75200249.cms">The road to being classified a bad loan just got longer with RBI’s relaxatio</a>

HDFC Bank posts strong 15% growth in profits at ₹7,280 crore

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s share price is up by over 3% on Monday morning after the financial institution declared its results on Saturday, July 18. </li><li>The bank reported a 20% jump in profits as compared to the same quarter last year. </li><li>Analysts expect HDFC Bank to bear through the impact of the coronavirus pandemic with more capital coming in and an in-house replacement of HDFC Bank’s current managing director, Aditya Puri. </li></ul>HDFC Bank’s share price is up more than 3% after it announced its earnings over the weekend. The jump in share price also comes after shareholders have approved the bank to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth. <div type="image" title="hdfc bank stock price q1fy21 (1)" msid="77061440" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s stock price over the last three months&amp;lt;/p&amp;gt;"></div> The bank reported a 20% increase in profits on a yearly basis. However, provisions for bad loans and contingencies were up 49% as compared the same quarter last year bolstering for what may come when the Reserve Bank of India’s (RBI) moratorium comes to end in August. <div type="image" title="hdfc bank profit" msid="77061449" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s profits over the last five quarters&amp;lt;/p&amp;gt;"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total portfolio under moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Customers who availed moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People who have cleared dues since first moratorium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">People who rolled from the first moratorium to the second </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90% </td></tr></tbody></table>Source:Motilal Oswal Securities Analysts believe that adequate capital addition and the likelihood of an internal successor to the post of Managing Director (MD) are indicators that HDFC Bank has enough of a cushion to bear through however the coronavirus pandemic plays out. “Overall performance of the bank should remain steady and we expect the bank to offset near-term pressure on other income via tight control over opex,” said Motilal Oswal Securities’ review of the bank’s earnings. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Time frame </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,320 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,280 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BUY </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,136 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td></tr></tbody></table> Banks, including HDFC Bank, are busy raising capital to cushion the impact of the coronavirus in the coming quarters. Shareholders of HDFC Bank have given their approval to raise up to ₹50,000 crore through bonds to enhance capital base to fund its business growth. The bank is also in the midst of appointing a successor for its managing director Aditya Puri. The three shortlisted names sent to the Reserve Bank of India include Sashidar Jagdishan, Kaizad Barucha and Sunil Garg. The former two are already executive directors at HDFC Bank Aditya Garg is the global chief executive officer (CEO) of Citi Commercial Bank. “CEO succession remains an important event in the near term and a key monitorable,” said Motilal Oswal Securities’ report. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-q1-earnings-bad-loans-and-moratorium/articleshow/77033494.cms">HDFC Bank is mum on the loans under moratorium⁠— profit jumps 20%, provision for bad loans spike 49%</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-earnings-expectation-from-q1fy21-results-on-july-18/articleshow/77013905.cms">HDFC Bank may see credit growth but its margins will continue to remain under pressure in Q1</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-loans-to-be-cheaper-as-interest-rates-get-slashed-by-0-2/articleshow/76830880.cms">HDFC Bank loans to be cheaper as interest rates get slashed by 0.2%</a>

HDFC Bank is beefing up capital and provision to cushion a spike in bad loans post moratorium — and that’s helping its share price

New Delhi, Jan 27 () Mortgage lender HDFC Ltd on Monday reported a 24.3 per cent rise in consolidated net profit to Rs 4,196.48 crore for the third quarter ended December.
It had posted a net profit (before adjustment for minority interest) of Rs 3,377.05 crore during the corresponding October-December period of 2018-19.
Total income on consolidated basis rose to Rs 29,073.19 crore during the quarter as against Rs 24,653.15 crore in the year-ago period.
On standalone basis, the net profit jumped by nearly four times to Rs 8,372.49 crore from Rs 2,113.80 crore in same period of previous fiscal, HDFC said in a regulatory filing.
Income was up at Rs 20,291.46 crore as against Rs 10,582.49 crore.
Gruh Finance Ltd (Gruh), an associate of the Corporation merged into and with Bandhan Bank with effect from October 17, 2019, it added.
"The Corporation was allotted 15,93,63,149 shares aggregating to 9.90 per cent of the total issued share capital of Bandhan Bank...on derecognition of investment in Gruh, the Corporation has recognised a fair value gain of Rs 9,019.81 crore," HDFC said.
Stock of HDFC closed at Rs 2395.80 on the BSE, down 2.25 per cent from previous close. KPM BAL

HDFC net profit rises 24 pc to Rs 4,196 cr in Q3

New York, Aug 17 (IANS) US-based investor rights law firm Rosen Law Firm has announced an investigation of potential securities claims on behalf of shareholders of HDFC Bank following allegations that the bank may have issued materially misleading business information to investors. The development follows after reports in July said that HDFC Bank had conducted an investigation into the "improper lending practices and conflicts of interests" in its vehicle-financing arm. The law firm's statement said that post the media reports, HDFC Bank's American depositary receipt price fell $1.37 per share, or 2.83 per cent, to close at $47.02 per share on July 13, 2020. On July 19, 2020, the NYSE-listed HDFC Bank reported its financial results for the first quarter of the Bank's 2021 fiscal year, missing analyst estimates with respect to net profit and reporting a deterioration in its asset quality, the statement noted. "Rosen Law Firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders. If you purchased securities of HDFC Bank please visit the firm's website at http://www.rosenlegal.com/cases-register-1922.html to join the securities action," it said. The firm said that it represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Last year the law firm had filed a class action lawsuit against Infosys after an anonymous whistleblower group accused the software giant's management of "unethical" steps to boost short-term revenue and profits. --IANS rrb/sn/kr

Rosen Law to initiate class action lawsuit against HDFC Bank

New Delhi, May 25 () Housing finance firm HDFC Ltd on Monday reported a 10 per cent decline in consolidated net profit to Rs 4,341.58 crore for the fourth quarter ended March 31. The company's net profit (before adjustment of minority interest) was Rs 4,811.26 crore in January-March quarter of 2018-19. The board has proposed a dividend of Rs 21 per share of the face value of Rs 2 per unit, HDFC Ltd said in a regulatory filing. On standalone basis, the profit of HDFC during the quarter slipped by 22 per cent at Rs 2,232.55 crore as against Rs 2,861.58 crore in the same quarter previous fiscal. During the quarter, the net interest income improved to Rs 3,780 crore compared to Rs 3,161 crore in the corresponding quarter previous year. For the full fiscal, the net profit on standalone basis nearly doubled to Rs 17,769.65 crore as against Rs 9,632.46 crore. However, HDFC Ltd in a statement said the profit numbers for the year are not directly comparable with that of the previous year due to various reasons, including additional provisioning for the impact of COVID-19 of Rs 5,913 crore as against Rs 935 crore in the previous fiscal. "The gross non-performing loans as at March 31, 2020 stood at Rs 8,908 crore. This is equivalent to 1.99 per cent of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.95 per cent while that of the non-individual portfolio stood at 4.71 per cent," it said. As per National Housing Bank (NHB) norms, it said, the company is required to carry a total provision of Rs 4,188 crore. Of this, Rs 1,921 crore is towards provisioning for standard assets and Rs 2,267 crore is towards non-performing assets. DP BAL BAL

HDFC Ltd Q4 profit declines 10 pc to Rs 4,342 cr

New Delhi, May 26 () Shares of housing finance firm HDFC Ltd on Tuesday fell by nearly 2 per cent after the company reported a 10 per cent decline in consolidated net profit for the fourth quarter ended March 31. On BSE, the stocks declined 1.55 per cent to Rs 1,493. They fell 1.55 per cent to Rs 1,492.60 on NSE. The housing finance firm on Monday reported a 10 per cent decline in consolidated net profit to Rs 4,341.58 crore for the fourth quarter ended March 31. The company's net profit (before adjustment of minority interest) was Rs 4,811.26 crore in January-March quarter of 2018-19. On standalone basis, the profit of HDFC during the quarter slipped by 22 per cent at Rs 2,232.55 crore as against Rs 2,861.58 crore in the same quarter previous fiscal. "In the fourth quarter, the factors that impacted the result include - extra provisioning due to COVID-19 requirement, dividend income was Rs 2 crore compared to Rs 537 crore last year and profit on sale of investments was Rs 2 crore as against Rs 321 crore," HDFC Ltd vice chairman and CEO Keki Mistry said. Market was closed on Monday for 'Id-Ul-Fitr'. SUM ANS ANS

You Searched For "HDFC profit" and got 8 results

HDFC’s share price opened 1.5% higher after announcing ₹14,000 crore fundraising

Prabhjote Gill

HDFC just became the third Indian company after Reliance and TCS to achieve a market value of more than ₹6 trillion

Dilsher Dhillon

HDFC Bank posts strong 15% growth in profits at ₹7,280 crore

PTI

HDFC Bank is beefing up capital and provision to cushion a spike in bad loans post moratorium — and that’s helping its share price

Prabhjote Gill

HDFC net profit rises 24 pc to Rs 4,196 cr in Q3

PTI

Rosen Law to initiate class action lawsuit against HDFC Bank

IANS

HDFC Ltd Q4 profit declines 10 pc to Rs 4,342 cr

PTI

HDFC shares fall around 2 pc after Q4 earnings

PTI

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