The private sector lender, HDFC Bank, has announced its financial results for the third quarter of the current fiscal. In this quarter, its net profits have risen by 16 percent solely due to the steep growth recorded in its home loans segment. Q3 saw HDFC Bank's net profits increase from Rs. 981 crore (earned during the year ago period) to Rs. 1140 crore (recorded this year).
On the occasion, the Vice-Chairman and CEO of the bank, Keki Mistry said, "The growth in profit was because of strong loan book growth in the individual category of buyers across the country."
Reportedly, the increase in profits earned by the bank indicate towards a rise in demand for housing finance in the country's tier - II and tier - III centers. Also, the home loans size has also increased with Rs. 21.50 lakh being the average size of home loans disbursed by the bank. It is to be noted that State Bank of India, which is the largest provider of home loans in the country, has an average home loan size is Rs. 12 lakh.
HDFC Bank's loan book recorded growth to the tune of 22 percent, and currently stands at Rs. 160434 crore. Its total income hiked by 17 percent to Rs. 5242 crore.