HDFC posts net profit of Rs 981.25 crore for Dec quarter

The net interest margin (NIM) of the company stood at 4.3% at the end of 31 December 2011 and gross non-performing loans stood at Rs1,109 crore, or 0.82%, of total advances during the quarter

Mumbai: Mortgage lender Housing Development Finance Corporation (HDFC) today posted a net profit of Rs981.25 crore for the quarter ended December 2011, on the back of higher loan approvals and disbursements. The company had reported a net profit of Rs890.88 crore for the October-December quarter of 2010-11, reports PTI.

The company’s total income stood at Rs 4,472.51 crore during the quarter, up from Rs3,321.04 crore in the corresponding quarter last fiscal, HDFC said in a filing to the BSE.

As of 31 December 2011, the company’s loan book stood at Rs1.32 lakh crore compared to Rs1.09 lakh crore in the year-ago period, it said.

Net profit of the company during the April-December period stood at Rs2,796.48 crore compared to Rs2,393.01 crore in the previous fiscal.

Total income during the nine-month period stood at Rs12,463.25 crore, compared to Rs9,093.21 crore in the corresponding year-ago period.

The figures are not comparable as the company changed its accounting policy for Cross Currency Interest Rate Swaps.

These swaps, which were earlier recorded at fair value, are now being recorded at a higher liability by marking only the foreign currency component to spot rates and excluding the benefit of interest rate differentials, HDFC said.

“... Had the corporation followed the earlier method of accounting... net profit for the nine months ended 31 December 2011, would have been lower by Rs54 crore,” it said.

The net interest margin (NIM) of the company stood at 4.3% at the end of 31 December 2011.

Gross non-performing loans stood at Rs1,109 crore, or 0.82%, of total advances during the quarter.

Shares of the company closed 0.90% higher at Rs687.50 apiece on the BSE.

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