HDFC Q4 net profit dips 22% to Rs 2,044 crore

The country's largest mortgage lender HDFC Ltd on Thursday reported a 21.6 per cent fall in its standalone net profit at Rs 2,044.20 crore for the quarter ended March 2017.

The Housing Development Finance Corporation (HDFC Ltd) had made a net profit of Rs 2,607.05 crore on a standalone basis during corresponding January-March period of 2015-16.

Total income (standalone) for the reported quarter also fell to Rs 8,514.51 crore as against Rs 9,225.72 crore a year earlier, it said in a regulatory filing.

For financial year 2016-17, the standalone net profit or profit after tax was at Rs 7,442.64 crore, up from Rs 7,093.10 crore a year earlier.

Total income was at Rs 33,159.60 crore, up from Rs 30,956.57 crore, according to the balance sheet of the company.

The board of directors of HDFC at its meeting held today also recommended a final dividend of Rs 15 per equity share for 2016-17.

HDFC said it will pay the dividend on July 27, after approval by board members.

"The total dividend for the year, including interim dividend of Rs 3 per share is Rs 18 per equity share. In 2015-16, the company had paid a dividend of Rs 17 per share," it said.

On consolidated basis, HDFC Ltd's net profit during the March quarter stood at Rs 3,079.33 crore, down from Rs 3,460.46 crore.

Income during the quarter grew to Rs 18,040.59 crore from Rs 17,125.05 crore.

Consolidated net profit in entire 2016-17 rose to Rs 11,051.12 crore from Rs 10,190.26 crore. Consolidated income for the year was at Rs 61,087.63 crore, as against Rs 53,257.11 crore earlier.

HDFC Bank