HDFC reports Q1 net profit of Rs 3,203 crore

Mumbai: Housing Development Finance Corporation (HDFC) on Friday reported 46 percent rise in its standalone net profit of Rs 3,203 crore during April to June quarter of the current financial year (Q1 FY20).

The country`s largest mortgage lender had posted a net profit of Rs 2,190 crore during the corresponding period of 2018-19.

Total income increased to Rs 12,996 crore in Q1 FY20 as compared to Rs 9,952 crore in Q1 FY19, HDFC said in a statement.

The interest income moved up to Rs 10,478 crore from Rs 8.915 crore in the same period. Total expenses too increased from Rs 6,881 crore to Rs 9.011 crore.

During the fourth quarter (January to March) of 2018-19, HDFC had reported a net profit of Rs 2,862 crore on revenues of Rs 11,580 crore.

HDFC recently announced plans to acquire the entire 50.8 per cent stake of Apollo Hospitals Group in a health insurance joint venture with German reinsurer Munich Re Group as part of its strategy to tap the potential growth market.