Mortgage lender HDFC reported a 17.8% year-on-year rise in net profit for the quarter ended September to Rs 4,454.24 crore compared to Rs 3,780.50 crore a year ago.

 Total revenue from operations increased 23% YoY to Rs 15,027.20 crore.

Net interest income (NII) for the fiscal second quarter ended September grew 12.9% to Rs 4,639 crore from Rs 4,108.5 crore in Q2 of FY22.

Net interest margin (NIM) was at 3.4%.

HDFC said the monetary policy and interest rate actions have had a short-term impact on the NII and to a lesser extent on the NIM.

As on September 30, the assets under management (AUM) stood at Rs 6.9 lakh crore versus Rs 5.9 lakh crore a year ago. Individual loans comprised 81% of the AUM. On an AUM basis, the growth in the individual loan book was 20% and growth in the total loan book was 16%. This is the fastest individual loan book growth in eight years for the mortgage lender.

"Growth in home loans was seen in both, the mid-income segment as well as high-end properties," HDFC said.

During the quarter, HDFC assigned loans amounting to Rs 9,145 crore to HDFC Bank, up from Rs 7,132 crore in the same period last year. As on 30 September, the outstanding amount with respect to individual loans sold was Rs 93,566 crore. HDFC continues to service these loans.

The collection efficiency for individual loans on a cumulative basis stood at over 99% during the September quarter.

As on 30 September, HDFC’s gross individual non-performing loans (NPLs) stood at 0.91% of the individual portfolio. The gross NPLs of non-individual loans stood at 3.99% of the non-individual portfolio.

The gross NPLs as on 30 September stood at Rs 9,355 crore. This is equivalent to 1.59% of the portfolio, the lender said.

HDFC’s total provision at the end of the last quarter stood at Rs 13,146 crore. The provisions carried as a percentage of the exposure at default (EAD) is equivalent to 2.21%. Annualised credit costs for the quarter stood at 29 basis points.