Housing finance company HDFC has reported 39.98% increase in net profit for the quarter ended March 31, 2016, at Rs 2,607.05 crore, against Rs 1,862.43 crore in the fourth quarter, previous fiscal.
Total income for HDFC grew 23.66% to Rs 9,210.53 crore compared to Rs 7,447.97 crore in the comparable quarter last year. During the quarter, HDFC sold 17.95 crore shares of HDFC Standard Life Insurance Company to Standard Life Mauritius Holdings 2006, resulting in a gain of Rs 1,513.41 crore. The sale consideration was received subsequent to the balance sheet date. Provisions for contingencies includes an additional provision made during the quarter ended March 31, 2016, of Rs 450 crore towards standard assets and other contingencies.
As on March 31, 2016, the loan book for HDFC stood at Rs 2.59 lakh crore as against Rs 2.28 lakh crore in the previous year. This is after considering the loans sold during the preceding 12 months amounting to Rs 12,773 crore.
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