HDFC, India’s largest mortgage lender, reports an 18% increase in profit in the second quarter.

BANGALORE, Nov 3 (Reuters) – Housing Development Finance Corporation (HDFC.NS) (HDFC), India’s largest mortgage lender, reported a 17.8 per cent rise in second-quarter profit on Thursday, boosted by strong demand for mortgages.

HDFC said its profit for the three months ended September 30 increased to INR 44.54 billion ($537.2 million) from INR 37.81 billion a year earlier. exchange declaration.

According to Refinitiv IBES data, analysts expected a profit of Rs 41.55 crore on average.

Demand for housing remains strong despite a number of rate hikes aimed at curbing surging inflation, but higher financing costs could weigh on lenders’ net interest margins.

“Demand for mortgages remains strong. Mortgage growth was seen in both middle-income and luxury properties,” HDFC said in a statement.

HDFC’s interest income increased by 24% in the fourth quarter to Rs 131.43 billion.

Personal payments increased 36% in the first half. However, the net interest margin fell to 3.4% in his first six months from last year’s 3.6%.

HDFC will merge with HDFC Bank, India’s largest private financial institution. (HDBK.NS) Create a giant lending company with a combined $237 billion balance more

Lenders on Thursday also approved the issuance of non-convertible bonds worth up to 750 billion rupees. ($1 = 82.9050 Indian rupees)

Reporting by Chris Thomas of Bengaluru. Edited by Savio D’Souza

Our criteria: Thomson Reuters Trust Principles.

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