Housing Development Finance Corporation Limited

500010

INE001A01036

Housing Development Finance : 4Q Net Profit Fell 8.4%

May 26, 2020 at 01:29 am EDT

By Kosaku Narioka

Housing Development Finance Corp.'s fourth-quarter net profit fell 8.4% due partly to lower earnings from its life-insurance business, the Indian mortgage lender said Monday.

Net profit for the quarter ended March fell to 41.15 billion rupees ($542.3 million) from INR44.92 billion a year earlier.

Segment profit rose 0.6% for its loans business but fell 56% for its life- insurance business.

The company said its revenue dropped 42% to INR166.00 billion.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

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Housing Development Finance Corporation (HDFC) specializes in real estate loan. Net sales (including intragroup) break down by activity as follows: - real estate loan (45.7%): INR 66.2 billion of granted loans in 2018/19; - life insurance (39%); - non life insurance (12.3%); - asset management (2.3%); - other (0.7%).

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