HDFC posts 14% rise in net profit in Q2

Our Banking Bureau

Mumbai, Oct 17: Housing Development Finance Corporation (HDFC) has posted a 14.3 per cent rise in net profit at Rs 138.49 crore for second quarter ended September 30, 2001, up from the Rs 121.16 crore in same period previous fiscal. HDFC’s board also approved an increase in the maximum permissible limit of holding of equity shares by foreign institutional investors (FIIs) to 74 per cent from the current 49 per cent. FII holding currently stands at 44 per cent.
Income from operations rose by 14.53 per cent to Rs 671.49 crore (Rs 586.30 crore). Total expenditure stood at Rs 500.62 crore (437.87 crore). Interest and other charges stood at Rs 472.47 crore (413.88 crore). Gross profit for the second quarter stood at Rs 172.74 crore (152.06 crore).

For the six months ended Septmeber 30 2001, net profit rose by 16.49 per cent to Rs 252.55 crore (Rs 216.80 crore) while income from operations stood at Rs 1,304.56 crore (Rs 1,138.62 crore). Loan approvals amounted to Rs 4,083.59 crore (Rs 3,165.04 crore), a rise of 29 per cent. Disbursals grew at the same rate at Rs 3,207.57 per cent (Rs 2,484.67 crore), HDFC managing director, Keki Mistry, said.
Approvals and disbursements in respect of individual loans were higher by 40 per cent and 41 per cent respectively. Gross non-performing assets aggregated 1.13 per cent (1.18 per cent) of the housing loan portfolio, Mr Mistry adding that HDFC received Rs 1,760 crore by way of repayment of loans through monthly instalments and prepayments in the first six months.

Mr Mistry said for the six months ended Septmeber, net-profit rose by 17 per cent at Rs 252.55 crore (Rs 216.80 crore) while income from operations stood at Rs 1,304.56 crore (Rs 1,138.62 crore).
On the increase in FII limit to 74 per cent, Mr Mistry said that “hiking the limit will boost our MCI weightage by one per cent”. On a possible hike of stake by Standard Life from its present holding of 24 to a higher level, Mr Mistry said that there is no proposal for this at the moment.