Housing Development Finance Corporation (HDFC) has witnessed a 24% rise in its net profit to Rs 663.94 crore in the second quarter of the current fiscal from Rs 534.23 crore recorded in the corresponding quarter last fiscal.
Total assets of HDFC jumped 17% to Rs 1,04,544 crore as on September 30, 2009, as against Rs 89,670 crore in the year-ago period. “The numbers have been above expectations,” said Keki Mistry, vice-chairman and managing director, HDFC Ltd.
The bank has disbursed loans amounting to Rs 22,342 crore during the six-month period ending September 30, 2009. This indicates a growth of 26% as the housing finance major had disbursed Rs 17,788 crore during the corresponding period last year.
Loan approvals during the six-month period amounted to Rs 28,418 crore as compared to Rs 24,180 crore in the corresponding period last year, representing a growth of 18%.
On a sequential quarter basis, the growth in individual loan approvals and disbursements for the second quarter of the current financial year has been 26% and 24%, respectively, as compared to the first quarter of the 2009-10 fiscal. Mistry noted that 70% of the loans disbursed by the company are to individuals.
The company's loan book as on September 30, 2009, increased 10% to Rs 89,519 crore as against Rs 81,192 crore recorded in the previous year. Together with the loans sold, the growth in the loan book would have been higher at 18%.
“The average loan size given out by the company is about Rs 15.50-16 lakh,” he said. Meanwhile, the margins in loans over the cost of borrowings for the half year stood at 2.20%.
“We aim to keep our spreads consistent in the range of 2.10-2.25%,” said Mistry.
Gross non-performing assets of HDFC Ltd stood at Rs 860.21 crore, or 0.95% of the loan portfolio, as on September 2009 as against 1.04% in the same quarter previous fiscal. The corporation has brought down its non-performing assets for the 19th consecutive quarter. “We hope to finish the year with lower NPAs,” he added.
HDFC's capital adequacy ratio stood at 14.9% of the risk weighted assets, while tier-I capital adequacy stood at 13.4%. According to Mistry, the company has no plans to raise resources as of now.
During the first half of the current financial year, loans drawn from commercial banks and financial institutions amounted to Rs 18,149 crore. The corporation raised Rs 2,600 crore...
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