HDFC net profit rises 18 pc

Announcing the results of the fiscal 1998, the company said that the total income of the company has increased to Rs 1,444.68 crore from Rs 1,265.33 crore in the previous year. Profit before tax for the year increased by 12.3 to Rs 351.36 crore compared with Rs 312.89 crore for the previous year. After providing Rs 58 crore for tax Rs 65 crore, the profit after tax has gone up by 18 to Rs 293.36 crore against Rs 247.89 crore last year.Dividends on equity shares andpreference shares will absorb Rs 89.34 crore and Rs 3.30 crore respectively. After providing Rs 9.26 crore towards the additional tax on dividend, the balance of Rs 191.46 crore Rs 182.67 crore is being transferred to reserves.

Out of the transfer to reserves, Rs 102 crore will be to special reserve, Rs 86.46 crore to general reserves and Rs 3 crore is to shelter assistance reserve. During the year, total assets of the corporation rose to Rs 9,925.69 crore Rs 8,200.41 crore in the previous year 8211; an increase of 21. Outstanding loans as at March 1998 amounted to Rs 6,944.07 crore Rs 5,709.32 crore. HDFC8217;s recovery performance continued to be good.