The Housing Development Finance Corporation (HDFC) reported total revenue of MVR 48 million in the second quarter of 2021, a 1.2% increase over the previous quarter.
HDFC reported in its quarterly report that it received MVR 48.4 million in the second quarter, a modest rise from MVR 47.9 million in the first quarter of 2021.
In addition, HDFC made a net profit of MVR 21.9 million in the second quarter. According to the report, HDFC earned the majority of its income from interest, totaling MVR 36.4 million. In the second quarter of this year, HDFC additionally got MVR 8.87 million from Islamic finance products.
Furthermore, the net profit for the first quarter of 2021 was MVR 22.8 million.
HDFC is the Maldives’ only mortgage housing institution, and it was founded in 2004 with a 49 percent stake from the Maldives’ government, an 18 percent stake from the International Finance Corporation (IFC), an 18 percent stake from the Asian Development Bank (ADB), and a 15 percent stake from HDFC Investments Limited of India.
