“All loans designated for the quarter ended December 31, 2022, were to
under the buyback option embedded in the home loan agreement between the Corporation and HDFC Bank,” it added.
Loans sold in the previous 12 months amounted to Rs 35,937 crore compared to Rs 27,591 in the same period a year ago.
Total dividend income for the quarter ended 31 December 2022 was Rs 482 billion from Rs 195 billion a year ago.
The mortgage lender said that in the December quarter of 2022, profits from the sale of investments were nil.
Last April, the country’s largest private bank HDFC Bank agreed to take over the largest mortgage lender in the country in a deal worth about $40 billion, creating a financial service.
.
The proposed entity will have a combined asset base of approximately Rs 180,000. The merger is expected to be completed in Q2 or Q3 of fiscal year 2024, subject to regulatory approval.
After the agreement comes into effect, HDFC Bank will be 100% owned by public shareholders and HDFC’s existing shareholders will own 41% of the shares.
