HDFC Amna records 180 percent rise in profits

Housing Development and Finance Corporation’s Islamic window, HDFC Amna received MVR 15.9 million in profit in 2016.

Quarterly earnings reports show HDFC Amna made MVR 3.4 million in both first and second quarter of 2016. Profits then showed an increase, with MVR 4.1 million in the third quarter and MVR 4.9 million in the fourth quarter.

HDFC Amna made total MVR 15,905,923 million in 2016, which is the highest profit recorded since its establishment.

The highest it earned in the past was in 2015 when it made a profit of MVR 5.6 million.

This means HDFC Amna has had a 180 percent rise in its profitability.

HDFC provides loan facilities for housing schemes.

The corporation offers two options; the conventional method and the Islamic Sharia compliant method under HDFC Amna.

Both the operations are segregated, with profits recorded separately.

HFDC’s conventional product operations also had a successful year. It made MVR 78 million in profit – also a record performance.