On Thursday, May 4, 2023, Housing Development Finance Corporation (HDFC) Limited reported exceptional earnings growth for the January-March quarter of the fiscal year 2022-23 (Q4FY23).
Earnings at the mortgage lender grew 20% year on year (YoY) to Rs 4,425.5 crore in the March quarter of the previous fiscal year, up from Rs 3,700 crore in the same time the previous year.
The net interest income of the non-banking financial firm was Rs 5,321.5 crore in the last three months of FY23, rising 15.6% year on year from Rs 4,600.9 crore in the previous quarter.
The financing company’s asset quality improved during the March quarter, with gross non-performing assets falling from 1.49 percent to 1.18 percent.
In a statement to stock markets, HDFC reported an 18% increase in standalone profit after tax for the fiscal year ended March 31, 2023, to Rs 16,239 crore from Rs 13,742.18 crore in 2021-22.
The assets under control totaled more than Rs 7.2 lakh crore.
“After deducting Rs 973 crore for tax, the actual profit after tax stood at Rs 4,425 crore as compared to Rs 3,700 crore in the same quarter last year, representing a 20% increase,” the lender said.
The Board of Directors approved an interim dividend of Rs 44 per equity share of face value of Rs 2 each for the fiscal year ending March 31, 2023, as opposed to a final dividend of Rs 30 per equity share the previous year, according to HDFC.
The lender also stated that the overall profit after tax due to the Housing Development Finance Corporation Limited (HDFC) for the fiscal year ending March 2023 was Rs 26,161 crore, a 16% increase year on year.