HDFC net up 16% at Rs 1,326.2 crore

Riding on the back of higher core income,Housing Development Finance Corporation has posted a 16 per cent growth in net profit at Rs 1,326.2 crore in Q4 ended March 2012 against a net profit of Rs 1,142 crore in the same period last year

Written by ENS Economic Bureau | Mumbai | Published: May 8, 2012 2:30:43 am

Riding on the back of higher core income,Housing Development Finance Corporation (HDFC) has posted a 16 per cent growth in net profit at Rs 1,326.2 crore in Q4 ended March 2012 against a net profit of Rs 1,142 crore in the same period last year. Total income rose by around 30 per cent to Rs 4,884.75 crore during the latest quarter.

“We have witnessed sound growth in our net profit and loan book in the last financial year,” vice-chairman and CEO of HDFC,Keki Mistry said. While net interest income increased by around 24 per cent to Rs 1,867 crore during this period,profit on sale of investments declined to Rs 79 crore compared to Rs 133.6 crore a year earlier.

For the whole financial year,HDFC posted a 17 per cent rise in net profit to Rs 4,122.62 crore in FY’12 compared to Rs 3,535 crore reported a year earlier. Total income rose by around 35 per cent to Rs 17,332 crore in the last financial year.

The company posted a 20 per cent growth in its loan book to around Rs 1.41 lakh crore in FY’12 with average size of individual loans increasing to Rs 19.50 lakh against Rs 18.60 lakh during the year-ago period. Loan to individuals have witnessed a growth of 21 per cent during the last fiscal. “We hope to grow our loan book by around 18 per cent in the current fiscal,” Mistry said.

Meantime,the lender has reported an increase in asset quality with a gross non-performing asset ratio of only 0.74 per cent at Rs 1,070 crore compared to 0.77 per cent a year earlier. The company has also seen marginal decrease in revenue terms from its subsidiaries.

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