Net profit of the Housing Development Finance Corporation (HDFC) rose 17.27 per cent to Rs 1,555 crore during Jan-Mar 2013 quarter on a standalone basis.
The financial institution attributes the growth in profit to rising loan book and maintaining of margins. Net interest margin of the company was 4.2 per cent while the spread was 2.3 per cent.
During 2012-13, the lenderÂ’s profit rose 18 per cent to Rs 4,848 crore. Net interest income rose 14 per cent to Rs 2,121 crore for the quarter. On a consolidated basis, HDFC posted net profit of Rs 6,640 crore for the year.
HDFCÂ’s loan book stood at Rs 170,046 crore at the end of the year from Rs 140, 875 crore. Individual loans grew by 31 per cent while non individual loans (developers loan) grew by 13 per cent during the year.
The firm reported 0.70 per cent gross non-performing assets compared to 0.74 per cent a year before. The companyÂ’s provisions for contingencies, however, increased from Rs 80 crore to Rs 145 crore for the quarter due to standard asset provisioning norms. These norms were applicable from this year.
Total provisions were Rs 1,792 crore which was including additional provisions of Rs 286 crore. The average size of the loans went up to Rs 21.6 lakh from 19.5 lakh, HDFC said.
The capital adequacy ratio was 16.2 per cent with Tier-I capital of 13.8 per cent. Company declared dividend of Rs 12.5 per share for the year 2012-13.
Leave a Reply
You must be logged in to post a comment.