HDFC quarterly profits rise 19%

MUMBAI, July 10: Housing Development Finance Corporation Ltd has posted an impressive 19.39 per cent first quarter growth in net profits to Rs 65.55 crore compared to Rs 54.90 crore in the corresponding period in 1997-98.

This has come on an higher growth in loan approval and disbursals during the same period.HDFC’s loan approvals in the first three months of 1998-99 moved up by 33 per cent to Rs 691.68 crore and disbursals recorded a 43% growth to Rs 485.28 crore. The housing finance company had posted a net profit of Rs 293.36 crore for 1997-98.