Earnings Review
HUDCO Jul-Sept PAT jumps 52% on strong NII growth, NPA resolution
This story was originally published at 19:21 IST on 29 October 2024
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--HUDCO Jul-Sept net profit INR 6.89 bln vs INR 4.52 bln year ago
--HUDCO Jul-Sept revenue INR 25.18 bln vs INR 18.65 bln year ago
--HUDCO Apr-Sept net profit INR 12.46 bln vs INR 8.97 bln year ago
--HUDCO Apr-Sept revenue INR 47.06 bln vs INR 37.06 bln year ago
NEW DELHI - State-owned Housing and Urban Development Corp. Ltd. reported a 52% increase in its Jul-Sept net profit on the back of robust growth in net interest income and reversal of impairments.
Shares of the housing financier ended 6.1% higher on Tuesday at INR 216.43 after its quarterly profit came in at INR 6.89 billion, with net interest income up 27% on year at INR 7.97 billion. However, the company's finance costs rose at a faster clip of 37% during the reporting quarter compared to interest income, which was up 33%.
Also aiding the housing financier's bottom line in Jul-Sept was the reversal of impairment on financial instruments and write-offs to the tune of INR 2.33 billion, up from INR 274.7 million in the year-ago quarter and INR 186.9 million in Apr-Jun. In its note to accounts, the financier said it had resolved one non-performing asset in Jul-Sept and recovered INR 2.09 billion, resulting in reversal of expected credit loss of INR 2.44 billion. As such, total expenses in Jul-Sept were INR 15.26 billion, only slightly higher than Apr-Jun's INR 15.12 billion, while total income was up 34% on year and 15% from Apr-Jun at INR 25.26 billion. In Jul-Sept 2023, HUDCO's total expenditure was INR 12.74 billion.
As at the end of September, HUDCO's provisions for impaired loans as per expected credit loss amounted to INR 19.71 billion, the company said. End
Reported by Siddharth Upasani
Edited by Manisha Baxla
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