HDFC reports income of Rs 2,318.62 cr for Q1

Mumbai, Jul 16: HDFC on Wednesday, July 16 reported a total income of Rs 2,318.62 crore for the quarter ending June 30, 2008, as against Rs 1,830.39 crore reported for the corresponding period last fiscal. The Net profit jumped by 26 per cent to Rs 468.11 crore, from Rs 372.81 crore during the period under review, according to a release from HDFC.

Approvals during the quarter ended June 30, 2008 aggregated to Rs 9,996 crores, as compared to Rs 7,713 crores during the corresponding period in the previous year - representing an increase of 30 per cent. Disbursements during the quarter amounted to Rs 7,204 crores, as compared to Rs 5,645 crores during the corresponding period in the previous year - representing an increase of 28 per cent.

Other Operating Income for the quarter ended June 30, 2008 includes Dividend Income of Rs 59.85 crores (Previous Year Rs 42.55 crores) and Surplus on deployment of funds in Cash Management Schemes of Mutual Funds of Rs 23.55 crores (Previous Year Rs 24.00 crores).

During the quarter ended June 30, 2008, the Corporation has allotted 31,247 equity shares of Rs 10 each, pursuant to conversion of FCCBs and 1,40,938 equity shares, pursuant to exercise of stock options by some employees.

HDFC's total assets rose by 25 per cent to Rs 85,153 crore as on June 30, 2008 as against Rs 68,269 crore during the corresponding period last fiscal. The loan portfolio (including loans outstanding deposits and investments in debentures for financing real estate related projects) as on June 30, 2008 amounted to Rs 78,623 crores as against Rs 60,485 crore as on June 30, 2007, representing an increase of 30 per cent.

The unrealised gains on HDFC's listed investments amounted to Rs 7,305.08 crores. This excludes the appreciation in the value of unlisted investments, HDFC said.

During the first quarter of the financial year, loans drawn from commercial banks and financial institutions amounted to Rs 2,794 crores. In addition, HDFC availed refinance from National Housing Bank (NHB) amounting to Rs 300 crores. HDFC raised Rs 1,040 crore through private placements of non-convertible debentures (NCDs) during the quarter ended June 30, 2008. The NCDs were 'AAA' rated by both, CRISIL and ICRA.

As on June 30, 2008, deposits stood at Rs 13,044 crores. HDFC's capital adequacy ratio stood at 15.9 per cent of the risk weighted assets, as against the minimum requirement of 12 per cent. Tier 1 capital was 14 per cent against a minimum requirement of six per cent.

UNI