HDFC profit rises 15% to Rs 1,344.66 cr

Jul 22 2014, 02:07 IST
Comments 0
SummaryThe Housing Development Finance Corporation (HDFC) on Monday reported a net profit of R1,344.66 crore

The Housing Development Finance Corporation (HDFC) on Monday reported a net profit of R1,344.66 crore, up 14.62% year-on-year, for the quarter ended June 30, 2014, after making a special reserve on deferred tax liability of R74.44 crore.

Excluding the impact of this liability, net profit came to R1,419 crore, a growth of 21% y-o-y. On a consolidated basis, net profit for the quarter increased 9.71% y-o-y to R1,872.90 crore.

Net interest income (NII) stood at R1,812.98 crore, up 15% y-o-y, and net interest margins for the quarter was 3.8%.

Total income grew 16.01% y-o-y to R6,446.80 crore. Profit on sale of investments during the quarter was R89 lakh and the unrealised gains on listed investments amounted to R43,431 crore compared to R33,270 crore in the same period last year.

HDFC's loan book at the end of Q1 stood at R2,03,384 crore, a growth of 14.91% y-o-y. “Despite the overall slowdown in the economy, demand for individual loans remained buoyant, with strong demand coming in from tier-2 and tier-3 cities,” Deepak Parekh, HDFC's chairman, said in his address to shareholders at the annual general meeting.

Of the total loan book, individual loans comprise 71%, the company said in its release, adding that 86% of the incremental growth in the loan book during the quarter came from individual loans. The individual loan book stood at R1,38,552 crore , growing 16.99% y-o-y. The non-individual loan portfolio grew 11% y-o-y. Asset quality at the mortgages player improved and the gross NPAs during the quarter amounted to R1,434 crore, or 0.70% of the loan portfolio, an increase of 1 bp from the preceding quarter.

Click here for graph

The HDFC scrip closed at 1,011.05, up 3.06%. Provisions for contingencies at HDFC stood at R1,925 crore. The company carries an additional provision of R423 crore over the National Housing Bank’s (NHB) requirement of R1,461 crore for the corporation.

Ads by Google

More from Markets

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...