HDFC reports 55 % increase in PAT

Mumbai, Apr 30 (UNI) Housing Development Finance Corportion today reported a Profit before Tax of Rs 3,378.50 crore for 2007-08, up by 71 per cent, from Rs 1,967 crore the previous year.

The PBT was inclusive of profit on sale of part of HDFC's investments in its subsidiaries -- HDFC Standard Life Insurance Company and HDFC ERGo General Insurance Company and the entire sale of its holdings in its associate company Intelt Global Services Pvt Ltd amounting to Rs 636.26 crore.

After providing Rs 937 crore for taxes, the PAT incrased by 55 per cent to Rs 2,436.25 crore as comparaed with Rs 1,570.38 crore the previous year.

For the fourth quarter, HDFC had a PAT of Rs 768.12 crore, up by 40 per cent, from Rs 550.05 crore during the corresponding period last year.

The total assets of HDFC incrased to Rs 81,099 crore during the year, up by 29 per cent, from Rs 62,744 crore.

The loan portfolio, including loan oustanding, deposits and investments in preference shares and debentures for financing real estate-related projects, as on March 31 amounted to Rs 74,104 crore as against Rs 57,988 crore last year, an increase of 28 per cent.

At the end of the previous fiscal, the company had listed investments to the tune of Rs 10,236 crore (Rs 6,948 cr last year).

Loans approved during the year amounted to Rs 42,520 crore, growing by 28 per cent and disbursements were up by 26 per cent at Rs 32,875 crore. Cumulative loan approvals and disbursements as of March 31 were Rs 188,284 crore and Rs 152,156 crore respectively.

UNI VK SSS AG1649