The lender reported a 10.3 per cent on-year rise in its assets under management to Rs 5.7 lakh crore, also above analysts’ estimates.
HDFC’s net interest income rose 14 per cent on-year to Rs 4,065 crore for the quarter ended March, in line with Street estimates.
The lender’s board approved a final dividend of Rs. 23 per share for the financial year ended March.
HDFC said that individual loans grew 19 per cent in the quarter ended March after adding back loans sold in the previous 12 months. The lender said that the average ticket size of loans grew to Rs 31.4 lakh in the quarter due to a rise in demand for higher-end properties.
“The month of March 2021 witnessed the highest levels in terms of individual receipts, approvals and disbursements. Growth in home loans was seen in both, the affordable housing segment as well as high-end properties,” HDFC said.
The housing finance company said that disbursement in the quarter jumped 60 per cent on year, reflecting the burgeoning demand in the economy for real estate. Collection efficiency of the company also neared pre-pandemic levels at 98 per cent at the end of the quarter as against 96.3 per cent at the end of September quarter.
Gross non-performing loans in the quarter stood at Rs 9,759 crore, which was 1.98 per cent of the portfolio. The non-performing loans of the individual portfolio stood at 0.99 per cent while those of the non-individual portfolio came in at 4.77 per cent, HDFC said.
HDFC reported a net interest margin of 3.5 per cent for the quarter, while the spread on loans over cost of borrowing was at 2.29 per cent.
For the year ended March, the housing finance company’s cost-to-income ratio stood at 7.7 per cent as against 9 per cent in the previous year.
“The reduction in the cost to income ratio during the year is attributed to COVID-19 induced lockdowns and restrictions,” the lender said.
Shares of HDFC traded 2.4 per cent higher at Rs. 2,488.10 on NSE.