Mortgage leader HDFC on Monday reported a 13 per cent rise in consolidated net profit at Rs2,728.66 crore for the December quarter, driven by a healthy improvement in credit off-take and higher margins that to some extent was whittled down by a marginal rise in dud assets.
On a standalone basis, net rose 11.95 per cent to Rs1,701.21 crore in the third quarter of FY17, while standalone income rose to Rs8,137.18 crore from Rs7,268.44 crore. Consolidated income rose to Rs14,981.41 crore from Rs12,253.9 crore a year ago, while the standalone income climbed to Rs8,137.18 crore from Rs7,268.44 crore earlier.
While there was a marginal rise in bad loans, with gross NPA rising to 0.81 per cent, or Rs2,341 crore in absolute terms, from 0.72 per cent a year-ago, Vice-Chairman and CEO Keki Mistry said the numbers are higher because the lender has not taken into consideration the 90-day grace period the regulators have given to borrowers for repayment as well as the grace period given to lenders post the note ban.
