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HDFC net profit up 18 %

Special Correspondent
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Housing Development Finance Corporation Limited (HDFC) reported an 18 per cent rise in net profit at Rs.4,848.34 crore for the year ended March 31, 2013, against Rs.4,122.62 crore in the previous year.

Dividend

The board of directors has recommended a dividend of Rs.12.50 per share of the face value of Rs.2 per share as against Rs.11 per share in the previous year.

The profit before tax stood at Rs.6,572.84 crore against Rs.5,665.62 crore. “This was after considering provision for contingencies of Rs.145 crore (Rs.80 crore) through a debit to the profit and loss account. This provision was mainly in respect of standard assets consequent to the change in the provisioning norms for standard assets,” HDFC stated in a release here.

The consolidated net profit for the year stood at Rs.6,639.72 crore against Rs.5,462.51 crore in the previous year, an increase of 22 per cent.

For the fourth quarter ended March 31, 2013, the net profit was Rs.1,555.21 crore against Rs.1,326.14 crore in the corresponding period of the previous year.

Total assets as at March 31, 2013, stood at Rs.1,95,531 crore as against Rs.1,67,520 crore as at March 31, 2012, an increase of 17 per cent.

The loan book stood at Rs.1,70,046 crore against Rs.1,40,875 crore. “Loans sold during the preceding 12 months amounted to Rs.5,175 crore.” Gross non-performing loans as at March 31, 2013, amounted to Rs.1,199 crore. This is equivalent to 0.70 per cent of the portfolio (as against 0.74 per cent in the previous year).

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