The Hindu Business Line : HDFC Q3 net up 25 pc as disbursements increase

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Mumbai Jan. 24 Housing Development Finance Corporation's third quarter net profit rose 25 per cent as loan disbursements increased and interest spreads were maintained.

Net profit for the quarter rose to Rs 355.5 crore, up from Rs 284.5 crore in the corresponding year-ago quarter.

Interest income grew 41.4 per cent, to Rs 1,358 crore (Rs 960 crore).

Total income amounted to Rs 1,459 crore (Rs 1,055 crore), rising 38 per cent, while total expenditure rose 44 per cent, to Rs 1,009 crore.

"For the fiscal ended December 31, 2006, we have maintained our interest spread at 2.17 per cent, roughly the same as for the half year ended September, 2006, and also in line with our interest spread a year ago," said Mr Conrad D'Souza, Senior General Manager, Treasury, HDFC.

Gross profit for the quarter amounted to Rs 449.5 crore (Rs 357 crore).

The housing loan growth rate for the nine months ended December 31, 2006 was 27 per cent, well in the range of the 21-30 per cent growth rate that HDFC has seen for several successive quarters now, said Mr D'Souza.

Disbursements in the nine-month period amounted to Rs 17,465 crore against Rs 13,805 crore a year ago.

The company's loan portfolio grew 24 per cent, to Rs 54,633 crore, from Rs 43,927 crore a year ago.

HDFC's capital adequacy ratio stood at 13.7 per cent of the risk weighted assets, against the minimum requirement of 12 per cent, said the company. Tier 1 CAR stood 8.1 per cent, against a minimum requirement of 6 per cent.

The company's shares rose 2.26 per cent over Wednesday, to close at Rs 1,642.65 crore on BSE.

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