HDFC on Monday reported a 32 per cent rise in standalone net profits for the second quarter ended September 30 backed by a healthy growth in its core income as well as dividend income.

The mortgage lender posted a net profit of Rs 3,780.50 crore compared with Rs 2,870.12 crore in the same period of the previous year.

This came as its net interest income (NII) showed a rise of 12.7 per cent over the year ago period at Rs 4,108.5 crore.

Dividend income also rose sharply to Rs 1,171.26 crore from Rs 322.97 crore in the corresponding quarter of the previous fiscal — a rise of 263 per cent. It came from its subsidiaries such as HDFC Bank, HDFC Asset Management Company and HDFC Life.

Shares of HDFC rose 1.58 per cent on the good numbers. On the BSE, the stock ended at Rs 2,888.60 — a rise of Rs 44.80 over the previous close.

HDFC said the demand for home loans continues to remain strong and that the growth was seen in both the affordable housing segment as well as in high end properties. The corporation was also optimistic on the road ahead when it said that increasing sales momentum and new project launches augur well for the housing sector.

The mortgage lender disclosed that individual disbursements in the month of October were the highest ever in a non-quarter-end month. More importantly, 89 per cent of new loan applications were received through digital channels.

During the half-year, 30

per cent of home loans approved in volume terms and 14 per cent in value terms were to customers from the economically weaker section and low income group

The average home loan to the weaker section was Rs 11.1 lakh and the low income group segment, Rs 19.4 lakh.

HDFC added that it continued to have the largest number of home loan customers of over 2.7 lakh who have availed benefits under the Credit Linked Subsidy Scheme.

As at September 30, 2021, cumulative loans disbursed by the company under this scheme stood at Rs 45,889 crore and the cumulative subsidy amount stood at Rs 6,260 crore.

It disclosed that during the six months ended September 30, 2021, the average size of individual loans stood at Rs 31.9 lakh while it stood at Rs 32.7 lakh for the second quarter of the fiscal.

As at September 30, 2021, the assets under management stood at Rs 5,97,339 crore as against Rs 5,40,270 crore in the previous year. Of this individual loans comprised 78 per cent.