HDFC reports 22% decline in Q4 net profit; declares dividend

Housing Development Finance Corp (HDFC) reported 22% decline in standalone net profit for the fourth quarter ended March 31, 2017, result.

The company reported standalone net profit of Rs 2,044.20 crore, a decline of 21.58% compared to Rs 2,607.05 crore in the similar period of previous year.

Q4FY17 standalone net profit however grew by 20.16% from Rs 1,701.21 crore in the preceding quarter.

A Bloomberg poll estimated the company to record net profit of Rs 2,020 crore in Q4.

Standalone total income stood at Rs 8,514.51 crore, which decreased by 7.70% year-on-year (YoY) but increased by 4.49% quarter-on-quarter (QoQ).

On consolidated front, HDFC also witnessed decline in net profit by 11.01% yoy to Rs 3,079.33 crore. While total income rose by 5.34% yoy to Rs 18,040.59 crore this Q4.

Segment wise revenue break-up saw life insurance business contributing 19.21% yoy growth to HDFC at Rs 7,932.76 crore, whereas general insurance business contributed by 55.43% yoy growth to Rs 891.49 crore.

Meanwhile, loan business stood at Rs 9,015.17 crore down 6.61% yoy and asset management was at Rs 453.20 crore also down by 18.65% yoy.

In its meeting held on Thursday, HDFC's board of directors had recommended a final dividend of Rs 15 per equity share of face value of Rs 2 each for the financial year 2016-17.

HDFC said, "The dividend, if approved by the Members, will be paid on July 27, 2017. The total dividend for the year (including the interim dividend of Rs 3 per equity share) is Rs 18 per equity share as against Rs 17 per equity share for the previous year."