HDFC posts net profit at Rs 6463.90 mn

Subscribe to Oneindia News

Mumbai, Oct 29 (UNI) Private lender Housing Development Finance Corporation (HDFC) has posted a net profit after tax of Rs 6463.90 million for the quarter ended September 30, as compared to Rs 3680.20 million for the quarter ended September 30, 2006.

Total income has increased from Rs 14562.30 million for the quarter ended September 30, 2006 to Rs 18925 million for the quarter ended September 30, 2007.

For the six-month period ended September 30, 2007, HDFC reported a profit before tax amounting to Rs 14 billion as against Rs 8.46 billion in the corresponding period last year -- an increase of 65 per cent. The profit before tax is inclusive of profit on sale of investment in an associate company, Intelenet Global Services Private Limited, amounting to Rs 3.13 billion (as compared to Rs 329.8 million in a subsidiary and associate company in the corresponding period in the previous year).

After providing Rs 3.81 billion for taxes, the profit after tax increased by 53 per cent to Rs 10.19 billion as compared with Rs 6.64 billion in the corresponding period last year. As at September 30, 2007, the total assets of HDFC stood at Rs 726.65 billion as against Rs 564.96 billion as at September 30, 2006, an increase of 29 per cent.

Loan approvals during the six-month period ended September 30, 2007, amounted to Rs 189.48 billion as compared to Rs 147.29 billion, in the corresponding period last year, representing a growth of 29 per cent.

Loan disbursements during the period ended September 30, 2007, amounted to Rs 142.75 billion as compared to Rs 112.80 billion in the corresponding period last year, representing an increase of 27 per cent.

The loan portfolio (including loans outstanding and investments in debentures and inter-corporate deposits for financing real estate related projects) as at September 30, 2007 amounted to Rs 634.46 billion as against Rs 513.32 billion as at September 30, 2006, representing an increase of 24 per cent.

During the first half of the current financial year, HDFC raised loans from commercial banks and financial institutions amounting to Rs 67.73 billion. HDFC also raised Rs 53.70 billion through private placement of non-convertible debentures (NCDs) during the current financial year. HDFC raised these funds at rates comparable with the lowest in the market.

UNI

Please Wait while comments are loading...