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


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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 Rs 7,503 crore had been allocated to its banking subsidiary.

“The retail lending business continued to experience strong improvements in the quarter ended Match 31, 2021.

“During the quarter, in accordance with the repurchase option included in the mortgage agreement between the company and the HDFC bank, the company assigned loans to the bank in the amount of Rs 7,503 crore,” said declared HDFC in a regulatory dossier.

In the previous year, in the same quarter ended March 2020, this loan 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 company’s gross income from dividends for the March quarter was Rs 110 crore compared to Rs 2 crore in the last year’s quarter. There were no sales of investments in subsidiaries / associated companies between January and March, as also during the period of 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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