Business

HDFC Profit Rises 61% In September Quarter

HDFC Profit Rises 61% In September Quarter

HDFC, the country's largest mortgage lender, on Monday reported a standalone net profit of Rs 3,961.53 crore for the quarter ended September 30. That marked an increase of 60.57 per cent from its net profit of Rs 2,467.08 crore in the corresponding quarter last year. Its total interest income in the second quarter of current financial year rose 10.36 per cent year-on-year to Rs 10,478.33 crore, according to a regulatory filing by HDFC. Shares in HDFC rose more than 2.5 per cent after the earnings announcement.

"During the quarter ended September 30, 2019, The National Company Law Tribunal, Ahmedabad and Kolkata benches approved the scheme of amalgamation of GRUH into and with Bandhan," HDFC said in its filing to the Bombay Stock Exchange (BSE).

HDFC shares rose 2.64 per cent to Rs 2,184.65 apiece on the BSE. At 2:37 pm, HDFC shares traded 2.18 per cent higher at  Rs 2175.05 on the bourse, outperforming the benchmark Sensex index which was up 0.44 per cent.

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