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HDFC's net profit rises 18% in Q2 on robust loan growth
Mortgage lender Housing Development Finance Corporation Ltd (HDFC) reported a net profit of Rs 4,454.24 crore for the July-September quarter, a year-on-year (YoY) increase of 17.8 percent on the back of robust loan growth. “The Corporation has increased its benchmark lending rates and has incrementally shifted from a quarterly reset for individual loans to a monthly reset to reduce the impact of transmission of rate changes,” the lender said. Another contributing factor to strong profit growth was improved asset quality. That said, some loans might not pass the test but the amount involved would be minimal, he added. In April, HDFC Bank said it would merge parent HDFC Ltd with it in a deal worth $40 billion. Source - Money Control
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