BANKING
| HDFC posts 19 percent rise in profit Tue, 23 Oct 2012 00:52:00 +0530 |
| Business Standard Economy Policy News Housing Development Finance Corporation (HDFC), the country’s largest housing finance company, posted a 19 per cent rise in net profit in the September quarter to Rs 1,151 crore on a standalone basis. The loan book increased 20 per cent to Rs 1,55,128 crore. “The increase in profit was on account of volume growth, coupled with a spread of 2.27 per cent and healthy asset quality,” said Keki Mistry, vice-chairman and chief executive officer. On a consolidated basis, its profit rose 21 per cent to Rs 2,851 crore for the half-year ended September. Company did not consider the charge in respect of redemption premium on zero-coupon debentures, which was Rs 269 crore in the net profit. Total income on standalone basis rose to Rs 5,277 crore during the September quarter from Rs 4,169.14 crore in the same period last fiscal. Average ticket size was Rs 21.5 lakh while net interest margin (NIM) was 4.2 per cent. It closed the quarter with 16.7 per cent of capital adequacy ratio (CAR). The gross NPA ratio was 0.77 per cent as compared to 0.82 per cent in the corresponding quarter last year. During the six months ended September the loan book grew by Rs 16,771 crores of which 78 per cent increase was in the individual loan book. Loan approvals grew 18 per cent and loan disbursements grew 21 per cent as compared to the corresponding period in the previous year. “The company continues to maintain its targets”, Mistry added. |
Online Poll