September sees strongest recovery since pandemic broke out: HDFC

September sees strongest recovery since pandemic broke out: HDFC

The Indian economy may be slowly returning to strength with the month of September marking the strongest turnaround since the pandemic broke out, India’s largest mortgage lender indicated on Monday. The lender added that business levels had surpassed those done same time last year. Citing its September quarter numbers HDFC said trends were indicative that business was reverting to pre-Covid levels.

“The month of September 2020 has seen the strongest recovery since the outbreak of the pandemic and the levels have exceeded the levels in the corresponding month of the previous year,” HDFC said in an exchange notification. The number of loan applications received during the September quarter grew by 12% over last year while individual loan approvals rose 9%. Individual loan disbursements was at 95% levels over last year. It’s loan disbursements by value rose 11%.

During the September quarter, the corporation assigned loans worth Rs 3026 crore compared to Rs 7160 crore during same time last year. All the loans assigned during the quarter were to HDFC Bank. The loans sold in the preceding 12 months fell by over 40% to Rs 14,138 crore. This was Rs 23,767 crore in the previous year.

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