MUMBAI : Mortgage lender Housing Growth Finance Corp Ltd (HDFC) on Friday mentioned standalone revenue within the June quarter rose 22% from a yr earlier to ₹3,669 crore, because of sturdy progress in mortgage disbursements.
Particular person mortgage disbursements grew 66%, marking the best within the first quarter of any monetary yr up to now. It mentioned that demand for dwelling loans and the pipeline of mortgage functions stay sturdy, with progress in dwelling loans seen in each the center earnings phase in addition to in high-end properties.
HDFC’s internet curiosity earnings (NII) rose to ₹4,447 crore, from ₹4,125 crore within the earlier yr. Within the June quarter, rate of interest actions had a direct influence on borrowing prices, with out a simultaneous transmission on the asset facet, HDFC mentioned. Within the corresponding quarter of the earlier yr because of the second wave of covid-19, there was ample liquidity within the system and consequently, in a single day curiosity swap charges fell to very low ranges, thus increasing NII and internet curiosity margin (NIM).
The reported NIM throughout the June quarter was 3.4%. Whereas the unfold on loans over the price of borrowings for the quarter was at 2.25%, the unfold on the person mortgage e book was 1.91% and that on the non-individual e book was 3.45%.
Based on Keki Mistry, vice chairman and chief government of HDFC, the lender has now revised the reset interval for incremental particular person loans from a quarterly to a month-to-month cycle with a purpose to scale back the lag in transmission.
Obtain The Mint Information App to get Day by day Market Updates & Stay Enterprise Information.
Extra
Much less
Supply: Live Mint