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HDFC Q2 profit up 61% YoY to Rs 3,962 cr Mortgage lender HDFC on Monday reported a 60.57 per cent year-on-year jump in standalone profit at Rs 3,961.53 crore for the September quarter. The lender had reported Rs 2,467.08 crore profit in the same quarter last year.

Mortgage lender HDFC on Monday reported a 60.57 per cent year-on-year jump in standalone profit at Rs 3,961.53 crore for the September quarter. The lender had reported Rs 2,467.08 crore profit in the same quarter last year.Analysts in an ET NOW Poll had projected a net of Rs 3,470 crore.The profit number was aided by a pre-tax gain of Rs 1,627 crore on stake sale in Gruh Finance during the quarter.Revenue from operations climbed to Rs 10,478.33 crore from Rs 9,494.70 crore in the same quarter last year.Net Interest Margin for the quarter came in at 3.3 per cent. Loan growth for the quarter stood at 12 per cent, ET NOW reported.Net Interest Income for the quarter at Rs 3,021 crore was 16.5 per cent higher than Rs 2,594 crore last year. The NBFC made Rs 754 crore in provisions for the September quarter compared with Rs 890 crore in the June quarter.Absolute gross NPAs rose sequentially to Rs 5,655 crore from Rs 5,315 crore in the June quarter. In percentage terms, gross NPA at 1.33 per cent was higher than 1.29 per cent in the June quarter.Total tax expenses for the quarter at Rs 568 crore were half of Rs 1,022 crore, the NBFC paid in the same quarter last year.The bank said that it saw a reduction in value of average loan size. A total of 76 per cent of loans outstanding are to individuals, it said. The NBFC said it is going slow on non-individual loan segment.