HDFC Q2 profit up 23 per cent

New Delhi, Oct 19: Housing Development Finance Corporation Ltd (HDFC) today announced that it will set up a company, HDFC Property Ventures Ltd, for managing property funds.

The decision has been accorded approval by the board of directors and is subject to receipt of further requisite approvals.

The bank also posted a 23 per cent increase net profit of Rs 368.02 crore for the second quarter ended September 30, 2006, as compared to Rs 298.98 crore for the corresponding period last year.

The bank's total income for the quarter also increased by 39 per cent to Rs 1,456.33 crore from Rs 1048.45 crore for the same period a year ago, a statement said.

UNI