HDFC Net Rises 21% To Rs 147 Crore In Q3

Mumbai, January 21: | Updated: Jan 22 2003, 05:30am hrs
Housing Development Finance Corporation (HDFC) on Tuesday announced a 21.19 per cent growth in net profit for the quarter ended December 31, 2003 to Rs 146.65 crore as compared to Rs 121.01 crore in the corresponding period of the previous fiscal.

For the nine-month period ended December 31, 2002, HDFC reported a 21 per cent jump in net profit to Rs 451.10 crore, against Rs 373.56 crore. The operating profit jumped 25 per cent to Rs 555.65 crore as against Rs 444.77 crore.

As on December 31, 2002, the total assets of HDFC stood at Rs 24,860 crore against Rs 20,250 crore as on December 31, 2001 reflecting an increase of 23 per cent. The HDFC scrip opened higher on Tuesday at Rs 375.50 on The Stock Exchange, Mumbai (BSE) against Mondays closing level of Rs 373.40. The scrip closed at Rs 370.65 after touching a high of Rs 379.85. On Tuesday, 12,260 shares of HDFC were traded on the BSE.

Loan approvals during the nine-month period amounted to Rs 8,005 crore (Rs 6,137 crore) representing a growth of 30 per cent while loan disbursements during the same grew 31 per cent to Rs 6,491 crore (Rs 4,952 crore).

Approvals and disbursements in respect of individual loans increased by 36 per cent and 37 per cent, respectively, during the quarter against the corresponding period in the previous year. Outstanding loans, excluding securitised loans, as on December 31, 2002 were at Rs 19,779 crore (Rs 15,501 crore).

The gross non-performing loans as on December 31, 2002 aggregated to 1.29 per cent of the housing portfolio. As all non-performing assets have been fully provided for, the net non-performing assets of the corporation is nil.

As on December 31, 2002, HDFCs deposit base stood at Rs 9,961 crore (Rs 8,609 crore) through 1.3 million deposit accounts. HDFC also raised Rs 843 crore through private placements of non-convertible debentures (NCDs).