Housing Development Finance Corporation Limited (HDFC) on Thursday reported a net profit of Rs 1,425.49 crore for the quarter ended December 31, 2014, a growth of 12 per cent compared to Rs 1277.71 crore in the corresponding period of previous year.
For the quarter ended December 31, 2014, the profit before dividend, sale of investments and tax stood at Rs 1,849.18 crore as compared to Rs 1,646.78 crore in the corresponding quarter of the previous year, said HDFC in a press release.
The net profit for the first nine months of the current fiscal ended December 31, 2014, was at Rs 4,127.71 crore, a growth of 11 per cent compared to Rs 3717.14 crore recorded in the previous year.
As at December 31, 2014 the total assets of HDFC stood at Rs 2,45,895 crore as against Rs 2,17,819 crore as at December 31, 2013, an increase of 13 per cent.
The loan book of the company stood at Rs 2,19,951 crore as on December 31, 2014 compared to Rs 1,92,284 crore as at December 31, 2013.
The growth in the individual loan book, after adding back loans sold is 23 per cent (16 per cent net of loans sold). The growth in the non-individual loan portfolio stood at 10 per cent.
“Of the total loan book, individual loans comprise 72 per cent. Further, 85 per cent of the incremental growth in the loan book during the nine months ended December 31, 2014 came from individual loans,” it added.
HDFC said that the spread on loans over the cost of borrowings for the nine months ended December 31, 2014 stood at 2.31 per cent.
Net Interest Margin for the nine month period ended December 31, 2014 was 3.93 per cent.
Gross non-performing loans as at December 31, 2014 amounted to Rs 1,517 crore. This is equivalent to 0.69 per cent of the loan portfolio (previous year – 0.77 per cent). The non-performing loans of the individual portfolio stood at 0.53 per cent while that of the non-individual portfolio stood at 1.03 per cent.
HDFC also said that as at December 31, 2014, the unrealised gains on HDFC’s listed investments amounted to Rs 51,996 crore. “This excludes the appreciation in the value of unlisted investments.”.
During the quarter ended December 31, 2014, the Corporation sold 1,19,69,000 equity shares of Rs 10 each of HDFC Life. This represented 0.60 per cent of the capital of HDFC Life. Consequently, the profit on sale of investments was Rs 112.86 crore. The balance shares were sold in January 2015, it added.
The Corporation had agreed to sell up to 1,89,51,361 equity shares of Rs 10 each of HDFC Life to Azim Premji Trust at a price of Rs. 105 per share. The shares to be sold represented 0.95 per cent of the total issued and paid-up equity capital of HDFC Life.
“Post conclusion of this transaction, the Corporation holds 71.42 per cent of the total issued and paid-up equity capital of HDFC Life.
