Housing Development Finance Corporation Limited

500010

INE001A01036

Housing Development Finance : Second-Quarter Net Profit Fell 56%

November 02, 2020 at 04:55 am EST

By Kosaku Narioka

Housing Development Finance Corp. said its second-quarter net profit fell 56% from a year earlier due to weaker earnings from its loans business.

The Indian mortgage lender said Monday that net profit for the quarter ended Sept. 30 fell to 46.00 billion Indian rupees ($617.1 million) from INR103.89 billion a year earlier.

Profit from its loans business fell 68% from a year earlier to INR35.81 billion.

The company said it booked INR12.00 billion of Covid-19-related provisions.

Revenue increased 3.8% from a year earlier to INR340.83 billion.

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

(END) Dow Jones Newswires

11-02-20 0454ET

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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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