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HDFC net profit up 10 per cent

Special Correspondent
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Housing Development Finance Corporation Limited (HDFC) announced a net profit of Rs.1,266.33 crore for the quarter ended September 30, 2013, as compared to Rs.1,151.12 crore in the corresponding quarter of the previous year, a growth of 10 per cent.

It recorded a net profit of Rs.2,439.43 crore for the half-year ended September 30, 2013, a growth of 13 per cent compared to Rs.2,153.03 crore in the corresponding period of the previous year. As at September 30, 2013, total assets of HDFC stood at Rs.2,12,071 crore as against Rs.1,80,637 crore as at September 30, 2012, an increase of 17 per cent. The loan book of the housing finance company stood at Rs.1,84,886 crore as on September 30, 2013, against Rs.1,55,128 crore as at September 30, 2012.

Of the total loan book, individual loans comprise 70 per cent. “Further, 91 per cent of the incremental growth in the loan book during the half-year ended September 30, 2013, came from individual loans,” said HDFC in a release.

Net interest margin was 4.1 per cent. “Gross non-performing loans as at September 30, 2013, amounted to Rs.1,473 crore. This is equivalent to 0.79 per cent of the loan portfolio compared to the previous year’s 0.77 per cent,” it added. Its consolidated net profit rose by 26 per cent to Rs.3,598.27 crore for the half-year from Rs.2,850.76 crore in the year-ago period.


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