HDFC Gains 2.23% On Jump In Q3 Net Profit

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Shares of Housing Development Finance Corporation (HDFC), the country’s biggest mortgage lender, traded 2.23 per cent higher on Wednesday, February 3, a day after registering net profit of ₹ 2,926 crore in the third quarter of the current financial year. HDFC registered profit in the October-December quarter on the back of strong demand for home loans. HDFC reported a profit of ₹ 8,372 crore during the same quarter in 2019. HDFC opened at rs 2,705 on the BSE and touched an intra day high and low of ₹ 2,733.60 and ₹ 2,618 respectively in the trading session so far.

HDFC registered a 26 per cent growth in individual loan disbursements during the third quarter of thee financial year as compared to the corresponding quarter of 2019, and also posted a 16 per cent growth in individual loans. The mortgage lender said that its net interest margin came in at 3.4 per cent for nine months ended December 31, 2020. HDFC’s interest income during the October-December quarter slightly slipped to ₹ 10,710 crore, as compared with ₹ 10,727 crore in the same period last year.

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