HDFC Q3 net soars 233% on profit from stake sale in insurance arm
Posted on 30th January 2018 |
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| Mortgage lender Housing Development Finance Corporation (HDFC) on Monday reported a 233% year-on-year (y-o-y) jump in its standalone net profit for the December quarter at Rs 5,670.21 crore, driven largely by a one-time gain of Rs 3,675.31 crore from the sale of its stake in HDFC Standard Life Insurance Company. Adjusted for the one-time gain, the company’s performance exceeded expectations of analysts, based on Bloomberg collated data. HDFC’s net interest income (NII) for the quarter came in at Rs 2,929 crore against Rs 2,575 crore in the same quarter last year, a rise of 14%. The lender’s total income for the quarter stood at Rs 8,695.09 crore, 6.7% higher than in the same quarter last year. Its net interest margin (NIM) at the end of the quarter stood at 3.86%, down from 3.95% at the end of December 2016. The spread on loans over the cost of borrowings at the end of Q3 FY18 stood at 2.29% compared to 2.34% in the December quarter of FY17. The spread on the individual loan book was 1.91% and on the non-individual book was 3.1%. On an assets under management (AUM) basis, the growth in the individual loan book was 17% y-o-y and the non-individual loan book was 21% y-o-y, thus taking the growth in the total loan book to 18%. The home financier said that individual loans comprise 72% of its AUM. During the December quarter, 70% of incremental loans came from individual loans. As on December 31, the loan book stood at Rs 3.42 lakh crore against Rs 2.87 lakh crore in the previous year. HDFC did not sell any part of its loan portfolio during the December quarter. The company said that it has made an additional provision of Rs 1,575 crore to shore up its provision and contingencies account “towards specific loans against future risk.” |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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