The net profit of Housing Development Finance Corporation (HDFC) spiked to MVR 17.9 million in the third quarter of this year due to increased revenue from housing loan interests.
Statistics show that HDFC recorded a revenue of MVR 36 million in the last quarter of which MVR 30 million was from interest.
HDFC’s profit per share was MVR 11.28 in the third quarter.
According to an official of HDFC, the increase in net profit was due to repayment of some major loans taken by various external companies during the third quarter, in addition to HDFC’s task of financing a project of Amin Construction underway in reclaimed suburb Hulhumale.
“Our profit from interest was so high due to a great increase in housing loans. We’re still issuing more loans to clients,” said the official.
The corporation’s statistics also show that its profit from its Islamic window “Amna” increased to MVR 4.1 million in the last quarter.
HDFC had recorded a net profit of MVR 15.4 million in the second quarter of this year.
Its statistics show that HDFC’S total profit sans taxes in the third quarter was MVR 21.4 million. The corporation had paid MVR 3.4 million as taxes.
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