Leading mortgage lender, HDFC, on Monday reported 54 percent jump in net profit to Rs 2,190 crore for the first quarter ended June of the current fiscal.

The company had registered a net profit of Rs 1,424 core in the April-June period of last fiscal.

CNBC Polls had predicted a profit of Rs 2,108.4 crore for the quarter under review.

Revenue from operations in Q1 grew by 19.6% to Rs 9,884 core during the April-June quarter of 2018-19.

It was Rs 8,260 crore in the year-ago period, HDFC said in a regulatory filing to BSE.

HDFC's capital adequacy ratio was 16.3 percent and gross non-performing assets (NPA) ratio at 1.18 percent as on June 30, 2018.

Total individual loan disbursements grew by 17 percent. The average size of individual loans stood at Rs 26.7 lakh.

On an Assets under Management (AUM) basis, the growth in the individual loan book was 18 percent and the non-individual loan book was 17 percent. The growth in the total loan book was 18 percent.

As at June 30, 2018, individual loans comprise 72 percent of the AUM.

As at June 30, 2018, the loan book stood at Rs 371,988 crore as against Rs 3,13,573 crore in the previous year.

During the quarter, HDFC sold individual loans amounting to Rs 9,714 crore (PY: 2,922 crore).

All the loans assigned during the quarter were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank. Income on these loans will continue to be recognised over the life of the loan.

The increase in the amount of loans assigned to HDFC Bank was due to the fact that no loan assignments were done to HDFC Bank since August 2017. Thus, the entire loan assignments during the quarter ended June 30, 2018 pertained to the backlog under the arrangement.

Total loans sold during the preceding twelve months was Rs 13,245 crore as against Rs 13,841 crore in the previous year.

First Published:Jul 30, 2018 2:37 PM IST