HDFC beats Street estimates, posts 39% YoY jump in Q4 net at Rs 2,846 crore

63972653 NEW DELHI: India’s largest mortgage lender HDFC on Monday reported a 39.2 per cent YoY rise in its standalone net profit for March quarter at Rs 2,846.22 crore against Rs 2,044.22 crore. The numbers were way above the ETNow poll estimates of Rs 2,560 crore. Total income of the lender stood at Rs 9,633.89 crore, up 13 per cent YoY against Rs 8,514.51 crore. The company's board has proposed a final dividend of Rs 16.50 per share, subject to the approval of the members at the upcoming annual general meeting.NII (net interest income) for the bank stood at Rs 3,617 crore, up 12.4 per cent YoY against Rs 3,216 crore in the corresponding quarter last year.Provisions for the quarter stood at Rs 180 crore against Rs 150 crore in the year-ago period. 63972575 The company's board has approved the reappointment of Keki Mistry as the Managing Director for a period of three years with effect from November 14, 2018.This apart, the board has approved NCDs (secured or unsecured) up to Rs 85,000 crore on a private placement basis, subject to the approval of members at the ensuing AGM.The board has also approved the increase in the overall borrowing powers of the Corporation, subject to the approval of the members at the AGM. The 41ST Annual General Meeting of the company is scheduled to be held on July 30, 2018.

from The Economic Times https://ift.tt/2rb3TFS