HDFC Amnaa earns a record MVR 6.8 mn in profit

Financial report of Housing Development and Finance Corporation (HDFC) Islamic window – HDFC Amnaa – second quarter performance shows an increase in profits from year-to-year.

HDFC issues housing loans two ways – the conventional way and in accordance with Islamic Sharia.

The two operations are carried out separately, and the profits are calculated separately as well.

HDFC Amnaa earned MVR 3.39 as profit during the first quarter of 2016, and MVR 3.46 during the second quarter – bringing the total profit during 2016 so far to MVR 6,858,468 – figure that is higher than the total profit earned during any previous year.

HDFC Amnaa had earned a total profit of MVR 5.6 million, while the profit earned during 2014 had not even reached a million.

Meanwhile, the financial report shows that HDFC profited MVR 18.4 million during the second quarter, which is a one percent drop from the MVR 18.6 million the corporation earned as profit during the first quarter.

The corporation earned MVR 35.2 million during the second quarter, which is a one percent increase compared to the MVR 34.8 million it earned during the first quarter.

49 percent of the corporation’s shares are owned by the Maldivian government, while 18 percent is owned by Islamic Finance Corporation, 18 percent is owned by Asian Development Bank and 15 percent is owned by Indian HDFC Investment.

HDFC’s profits have been increasing year-to-year; with the MVR 48.9 million it earned as profit during 2012, MVR 50.9 million it earned as profit in 2013, MVR 54.9 million it earned as profit during 2014, and MVR 60.5 million it earned as profit during 2015.