HDFC reports business returning to pre-COVID-19 levels

Non-banking finance company Housing Development Finance Corporation (HDFC) has reported loan disbursements during the September quarter at 95 per cent of the level in corresponding quarter of previous year.

Individual loan approvals grew by 9 per cent year-on-year and loan applications jumped by 12 per cent.

"September has seen the strongest recovery since the outbreak of COVID-19 pandemic and the levels have exceeded those in corresponding month of previous year," it said in regulatory filings. "These trends are indicative that business is reverting to pre-COVID-19 levels."

During the quarter ended September 30, HDFC assigned loans amounting to Rs 3,026 crore compared to Rs 7,160 crore in the corresponding quarter of previous year.

"All the loans assigned were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between HDFC and HDFC Bank."

Loans sold in the preceding 12 months amounted to Rs 14,138 crore as compared to Rs 23,767 crore in the previous year.

At 11 am, HDFC stock was trading 5.85 per cent higher at Rs 1,889.80 per unit.

( With inputs from ANI )