Friday, July 15, 2005

HDFC reports 21% rise in net profit

HOUSING Development Finance Corporation has reported a 21-per cent increase in net profit for the first quarter ended June 30, 2005. Net profit for the quarter amounted to Rs 247.28 crore as against Rs 204.62 crore during the corresponding year-ago quarter. Income from operations, at Rs 932.55 crore, showed a 22.5 per cent increase year-on-year. Income from interest on loans showed a 33.85 per cent increase, at Rs 760.67 crore (Rs 590.68 crore). Total expenditure rose by 21.98 per cent, and amounted to Rs 622.94 crore for the quarter (Rs 510.67 crore). Of this, interest and other charges increased by 22 per cent, at Rs 566.86 crore (Rs 464.46 crore). Gross profit (after interest and before depreciation and taxation), rose by 23.53 per cent, to Rs 311.82 crore (Rs 252.41 crore). Loan approvals during the quarter ended June 30, 2005 amounted to Rs 4,628 crore as against Rs 3,567 crore in the corresponding period last year, representing a growth of 30 per cent. Loan amounted to Rs 3,437 crore, (Rs 2,690 crore), representing an increase of 28 per cent. The loan portfolio (including loans outstanding, deposits and investments in preference shares and debentures for financing real estate-related projects) as on June 30, 2005 amounted to Rs 39,081 crore as against Rs 30,246 crore as on June 30, 2004, representing an increase of 29 per cent.