Personal credit activity continues to improve in January-March: HDFC

Mortgage lender HDFC Ltd said on Saturday that the company’s individual lending business continued to improve in the January-March 2021 quarter and that loans worth 7.503 crore were made to its banking subsidiary.

“Personal credit activity continued to experience strong improvements during the quarter ended March 31, 2021.

“During the quarter, in accordance with the buyout option incorporated in the mortgage agreement between the company and the HDFC bank, the company provided loans to the bank in the amount of Rs 7,503 crore,” HDFC said in a regulatory filing.

In the previous year, same quarter ended in March 2020, this loan allocated to HDFC Bank amounted to Rs 5,479 crore.

Individual loans sold in the previous 12 months (April-March) amounted to Rs 18,980 crore (previous year Rs 24,127 crore), he said.

In addition, the gross dividend income of the company for the March quarter was Rs 110 crore compared to Rs 2 crore in the previous year quarter. There were no sales of investments in subsidiaries / associated companies in January-March, as also in the previous year, he added.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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