Housing finance major, Housing Development Finance Corporation (HDFC) has announced a net profit of Rs. 1,001.91 crore for the first quarter ended June 30, 2012, an increase of 19 per cent, as compared to Rs. 844.53 crore in the corresponding quarter of the previous year.
“For the quarter ended June 30, 2012, loan approvals grew by 17 per cent and loan disbursements by 20 per cent as compared to the corresponding quarter in the previous year,” said Deepak Parekh, Chairman, HDFC, while addressing the annual general meeting of the company here on Wednesday.
During the quarter ended June 30, 2012, the loan book grew by Rs. 7,387.74 crore of which Rs. 6,635.07 crore, representing that 90 per cent of the increase, was on account of the rise in the individual loan book.
Net interest margin for the quarter ended June 30, 2012 was 4 per cent.
As at June 30, 2012, the loan book stood at Rs. 1,48,262 crore as against Rs. 1,24,168 crore as at June 30, 2011.
Individual loans sold during the preceding 12 months amounted to Rs. 4,978 crore. The growth in the individual loan book, including loans sold is 29 per cent (23 per cent net of loans sold) whereas the non-individual loan book grew by 14 per cent.
The total assets of HDFC stood at Rs. 1,74,676 crore on June 30, 2012 as against Rs. 148,831 crore as at June 30, 2011 — a rise of 17 per cent.
Gross non-performing loans as at June 30, 2012, amounted to Rs. 1,190 crore. This is equivalent to 0.79 per cent of the loan portfolio (previous year - 0.83 per cent).
“This is the thirtieth consecutive quarter end at which the percentage of non-performing loans has been lower than the corresponding quarter in the previous year,” said Mr. Parekh.
Keywords: HDFC Q1 results