HDFC records increase in revenue in Q2

Housing Development Finance Corporation (HDFC) has recorded an increase in revenue in the second quarter of 2021.

In the quarterly report, HDFC revealed it received USD 3.1 million in the second quarter of 2021, which is a slight increase compared to the first quarter.

HDFC has recorded USD 6.2 million as a total revenue with a net profit of USD 2.9 million recorded so far this year. The report shows HDFC received most of its income from interest, amounting to USD 2.4 million in the second quarter of 2021. HDFC also received USD 576,000 from Islamic finance products in the second quarter of this year.

Additionally, the profit for the period amounts to USD 1.4 million for the second quarter and USD 1.5 million for the first quarter.

HDFC is the only mortgage housing institution in the Maldives and was incorporated in 2004 with a 49% share of the Government of the Maldives, 18% share of International Finance Corporation (IFC), 18% share of Asian Development Bank (ADB), and with 15% share of HDFC Investments Limited of India.