February 2020 \ Business & Investment \ Business & Governance
Q3 Rs 8,372 crore profit for HDFC Bank

Mortgage lender HDFC in January ...

Mortgage lender HDFC in January reported a four-fold jump in profit at Rs 8,372.49 crore for the quarter ended December 31 on a yearly comparison while its Board approved to raise up to Rs 45,000 crore via NCDs. “The company board granted its approval for issuance of secured redeemable non-convertible debentures aggregating Rs 45,000 crore in various tranches on a private placement basis,” the lender said in a regulatory filing. The company had posted a profit of Rs 2,113.80 crore in the same quarter last year. The bottomline of the company got a boost of Rs 9,019.81 crore from fair value gain from merger of Gruh Finance with Bandhan Bank”. Gruh Finance, an associate of the NBFC, merged with Bandhan Bank with effect from October 17. “On derecognition of investment in Gruh, the corporation has recognised a fair value gain of Rs 9,019.81 crore,” HDFC said.

The revenue for the quarter was at Rs 20,285.47 crore, up from Rs 10,575.03 crore logged in Q3FY19. The NBFC extended loans totalling Rs 20,475.59 crore during the period under review, as compared to loans of Rs 11,284.96 crore during the year ago period.

Tags: HDFC