HDFC reported 17% growth in its first quarter net profit on healthy loan book growth and stability witnessed on the spreads
Housing Development Finance Corp (HDFC), the country's largest home loan provider reported a a 17% higher net profit for the first quarter due to strong demand for loan in tier-II and tier-III cities.
For the quarter to end-June, the lender said its net profit rose 17% to Rs1173.1 crore from Rs1001.9 crore while total revenues increased to Rs5,564.9 crore from Rs4,942.3 crore same period last year.
HDFC said its income from operations stood at Rs5,556.94 crore in the first quarter compared with Rs4,914.72 crore a year ago period.
Total income of HDFC was the same as income from operations as there was no profit from sale of investments compared with Rs20.24 crore during the first quarter last year. As the company reported nil profit on sale on investments during the quarter, non-interest income came in at mere Rs8 crore as compared with Rs117 crore in previous (March 2013) quarter and Rs28 crore in the quarter ended June 2012.
As on June 2013, HDFC said its loan book (net of loans sold) stood at Rs1.77 lakh crore compared with Rs1.48 lakh crore in the same quarter last year.
HDFC shares closed Friday 2.4% down at Rs803.5 on the BSE while the benchmark Sensex ended marginally up at 20,149.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
Thanks.
LAMBODAR BORAH