HDFC Q1 Net Up 20.37% To Rs 137.3 Cr

Mumbai, July 25: | Updated: Jul 26 2002, 05:30am hrs
The Housing Development Finance Corporation Ltd (HDFC) has recorded a 20.37 per cent increase in its net profit at Rs 137.3 crore for Q1 ending June 30, 2002 as compared to Rs 114.06 crore for same period in the last fiscal.

HDFC’s income from operations during this period was up by 11.02 per cent to Rs 702.88 crore (Rs 633.07 crore).

The approvals during the period aggregated Rs 2,104.62 crore (Rs 1,593.12 crore), an increase of 32 per cent while disbursements amounted to Rs 1,607 crore (Rs 1,225.43 crore), representing a rise of 31 per cent.

Total assets of HDFC expanded by 22 per cent to Rs 22,488.79 crore (Rs 18,4002.75 crore).

The loan portfolio, including loans outstanding, deposits and investments in preference shares and debentures for financing real estate related projects, as in Q1 stood at Rs 18,834.79 crore (Rs 14,760.36 crore Q1-02).

The portfolio does not include Rs 144 crore of individual loans securities during the quarter.

The company said lower interest rates, tax incentives, stable property prices and increased income levels had made housing affordable with retail growth continuing to be robust as a result of increased network of offices and intensified marketing efforts.

The deposit base as at the end of the first quarter stood at Rs 9,710.44 (Rs 7,844.57 crore).

During the current financial year, loans drawn from commercial banks amounted to Rs 243.11 crore.

HDFC also raised Rs 158.36 crore through private placement of non-convertible debentures (NCDs) and bonds.

HDFC also has issued floating rate notes (FRN) in the international markets for an amount equivalent to $100 million. The proceeds of the FRN will be used for on-lending for housing. The FRN issue is for period of five years with a bullet repayment. Noteholders will effectively receive a coupon of six months libor plus 80 basis points.

The entire amount f $100 million has been drawn down on July 24. HDFC is in the process of finalising suitable risk management arrangement to hedge against foreign exchange fluctuation.