Mortgage lender Housing Finance Development Corporation (HDFC) reported a 12% increase in its standalone net profit to ₹1,701 crore for the quarter ended December 31 – which is in line with street expectations – despite an increase in provisions.
Provisions went up to ₹117 crore from ₹68 crore in the same period last yearand from ₹95 crore in the second quarter.
Gross non-performing loans stood at ₹2,341 crore as on December 31, which was 0.81% of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.65% while that of the non-individual portfolio stood at 1.16%, the mortgage lender said.
HDFC also said it proposed to raise ₹35,000 crore through NCDs to fund business expansion.
