Housing Development Finance Corporation (HDFC) on Friday announced a net profit of Rs.844.53 crore for the first quarter ended June 30, 2011 as compared to Rs.694.59 crore in the corresponding period in the previous fiscal.
The profit before tax stood at Rs.1,175.53 crore against Rs.966.59 crore in the corresponding quarter. After providing Rs.331 crore for taxes, the profit after tax (net profit) amounted to Rs.844.53 crore as compared to Rs.694.59 crore, an increase of 21.6 per cent, said HDFC.
As at June 30, 2011, total assets of HDFC stood at Rs.141,589 crore against Rs.1,16,111 crore as at June 30, 2010. The loan book stood at Rs.124,168 crore against Rs.1,01,625 crore. Loans sold during the preceding 12 months amounted Rs.3,123 crore. The growth in the loan book inclusive of these loans is 25 per cent
The spread on loans over the cost of borrowings for the quarter ended June 30, 2011 stood at 2.30 per cent. The unrealised gains on HDFC's listed investments amounted to Rs.23,206 crore as at June 30, 2011 (previous year Rs.16,775 crore). This excludes the appreciation in value of unlisted investments.
For the quarter ended June 30, 2011, loan approvals grew by 22 per cent and loan disbursements grew by 20 per cent as compared to the corresponding quarter in the previous year.
Gross non-performing loans as at June 30, 2011, amounted to Rs.1,038.15 crore. This is equivalent to 0.83 per cent of the loan portfolio. This is the 26th consecutive quarter end at which the percentage of non-performing loans have been lower than the corresponding quarter in the previous year.
Based on a six months overdue basis, the non-performing loans as at June 30, 2011, stood at 0.55 per cent of the loan portfolio as against 0.54 per cent in the previous year. In terms of the prudential norms as stipulated by the National Housing Bank, the corporation is required to carry a provision of Rs.839.66 crore, which includes provisioning of Rs.450.76 crore on standard assets in respect of housing loans granted under the dual rate home loan scheme.
The balance in the provision for contingencies account as at June 30, 2011, stood at Rs.1,172.68 crore, which is equivalent to 0.94 per cent of the portfolio. Thus, as at June 30, 2011, the corporation's net non-performing loans were nil, said HDFC.
HDFC's capital adequacy ratio stood at 13.8 per cent of the risk weighted assets, as against the minimum requirement of 12 per cent. Tier- 1 capital was 12.2 per cent against a minimum requirement of 6 per cent.
