Business Daily from THE HINDU group of publications
Saturday, Jan 19, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Jan 19, 2008 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
|
Home Page
-
Housing Finance Money & Banking - Financial Performance Corporate Results - Housing Finance
Our Bureau Mumbai, Jan. 18 HDFC has registered an 83 per cent growth in its third-quarter net profit at Rs 648.93 crore against Rs 355.49 crore in the corresponding quarter of the previous year, mainly on account of the sale of its investment in the insurance subsidiary, HDFC Standard Life. HDFC made a profit of Rs 120.94 crore by selling 7.15 per cent of its stake in ‘HDFC Standard Life’ to its UK partner Standard Life. If this stake sale is excluded then HDFC has shown a 49 per cent growth in its net profit at Rs 528 crore. “Growth in the book and better spreads have contributed to the rise in the net profit,” said Mr Conrad D’Souza, Senior General Manager, Treasury, HDFC. At the end of December 31, 2007, the net interest margin (the difference between average lending rates and borrowing costs) stood at 2.33 per cent, higher than 2.18 per cent at the end of December 2006. The cost of funds was higher at 9.01 per cent (7.84 per cent) while the yield on advances also went up to 11.31 per cent (10.02 per cent) during the same period. “Growth in the business has broadly been on target at 27-30 per cent. Interest rates have been steady since April while funding costs have dropped as the liquidity in the system is more than what it was last year,” Mr D’Souza. HDFC’s interest income was up 46 per cent at Rs 1,981 crore against Rs 1,358 crore. Other operating income was also higher at Rs 65 crore against Rs 28 crore. Total income (excluding profit on sale of investments) rose 48 per cent to Rs 2,155 crore (Rs 1,458 crore) while total expenditure was slightly higher by 38 per cent to Rs 1,394 crore (Rs 1,013 crore). Loan disbursements during the first nine-months of the fiscal grew by 28 per cent at Rs 22,285 crore (Rs 17,465 crore) while approvals increased 30 per cent to Rs 29,376 crore (Rs 22,666 crore). HDFC’s loan portfolio as on December 31, 2007 amounted to Rs 68,151 crore, 25 per cent up from Rs 54,633 crore in the previous year. The housing finance major’s capital adequacy ratio was at 17.6 per cent, much higher than 13.7 per cent in the previous year. On real estate prices, Mr D’Souza said that based on the linkage between real estate and the stock market, prices should see some cooling. HDFC’s shares closed at Rs 2,819.8 on the BSE, 1.05 per cent lower than the previous close at Rs 2,849.7. HDFC spreads seen improving HDFC Q3 net up 25 pc as disbursements increase More Stories on : Housing Finance | Financial Performance | Housing Finance | Housing Development Finance Corporation Ltd
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
