For the quarter ending June 30, 2007, Housing Development Finance Corporation Ltd (HDFC) registered a net profit of Rs 372.81 crore as compared to Rs 296.82 crore, a rise of 26%. The total assets stood at Rs 68,269 crore recording a 27% increase. Deposits were to the tune of Rs 12,074 crore for the quarter. Loan approvals increased by 29% to Rs 7,713 crore while loan disbursements amounted to Rs 5,645 crore, representing an increase of 29%.

Speaking to FE, managing director of HDFC Keki Mistry said performace of the corporation has been very healthy and the housing finance market has not slowed down because of the rise in the rates.

?Customers who want to own houses are availing loans,? he said. The loan recovery of the corporation has improved, therby improving the NPA position of the company. However, spread of the corporation has sightly fallen from 2.20 % to 2.18%. Mistry also said the corporation will finalise its partner for general insurance business in August. ?If capital infusion is necessary for the general insurance company we would do it after finding a partner,? he said.

PNB logs 15% growth in net

Punjab National Bank (PNB) has registered a 15.7% growth in net profit to Rs 425.07 crore in the first quarter of the current financial year as compared to Rs 367.52 crore in the corresponding period of 2006-07. Total business went up by 22.4% to Rs 2,38,249 crore during the April-June period of 2007-08. PNB chairman and managing director K C Chakrabarty said the bank plans to raise tier II capital. ?We will decide on the amount and exact time later but we hope to raise about Rs 1,500 crore by the end of the current financial year,? he said. Chakrabarty added that the amount could be raised in phases. He pointed out that the bank?s deposits grew 21% in the first three months to touch Rs 1,42,609 crore while it was Rs 1,17,173 crore in the first quarter in 2006-07. Advances of the bank in the April to June period was up 23% at Rs 95,640 crore as compared to Rs 77,546 crore in the same quarter of the previous financial year. However, the bank has seen a decline in net interest margin due to the combined factors like higher cost of deposits, lower investment income and increased cash reserve ratio, which in turn is fetching no interest for the bank. ?But we feel that there is nothing to worry about as we have still managed to register a healthy profit growth,? Chakrabarty said.

BoM net profit up 34%

Bank of Maharashtra (BoM) registered a 33.82% growth in net profit for the first quarter of 2007-08 to Rs 81.58 crore from Rs 60.96 crore in the corresponding period of the previous year. The non-interest income excluding treasury income was up by 26.46% to reach Rs 67.82 crore from Rs 53.63 crore. Total income during the quarter increased to Rs 872.82 crore, showing a growth of 27.26% over the previous year. The interest spread increased 17.48% to Rs 306.47 crore from Rs 260.87 crore. But net interest margin during the quarter was down to 3% as against 3.17 per cent for June 2006.

BoM?s total business reached the level of Rs 58,381 crore as at June 30, 2007 as against Rs 45,105 crore on June 30, 2006, registering a growth of 29.43%over June 2006.Total deposits stood at Rs 34,250 crore as against Rs 27,611 crore as on June 30, 2006 recording annualized growth of 24.04%. The average deposits grew 25% from Rs. 26,882 crore to Rs. 33,662 crore.Current and savings deposits stood at 41.27% with cost of deposit for the first quarter contained at 5.60%. During the first quarter, the bank added new 2.50 lakhs accounts to its fold. The customer base has expanded to over 12 million.

Canara Bank profit up

Canara Bank has reported a net profit of Rs 241crore in the first quarter of the current financial year, registering an increase of 26% compared to Rs 191 crore in the corresponding quarter last year. The total income recorded over 36% growth to touch Rs 3,760 crore, up from Rs 2,755 crore, chairman and managing director M B N Rao said here on Wednesday. While aggregate deposits touched Rs 1,43,126 crore, advances (net) reached a level of Rs 94,740 crore. Outstanding advances to the priority segments increased by 26% to Rs 37,970 crore. Credit disbursement to agriculture stood at Rs 2,390 crore, taking the outstanding agricultural advances to Rs 15,621 crore. Credit to SME segments increased by 36% to Rs 15,106 crore from Rs 11,145 crore. The bank targets a global business of Rs 2,90,000 crore for 2007-08, with a growth rate of over 20%, comprising Rs 1,70,000 crore under deposits and Rs 1,20,000 crore under advances.

Yes Bank net up 113%

Yes Bank?s profit after tax for the first quarter of the current fiscal was up by 113.3% to Rs 36 crore as compared to Rs 16.88 crore for the same period last year. Total advances grew by 118.3% to Rs 6,917 crore from Rs 3,170 crore as on June 30 this year. Total deposits was up by 168.3% to Rs 8,640 crore from Rs 3,220 crore during the period.