HDFC H1 net up 17 p.c.

By Our Special Correspondent

MUMBAI, OCT. 17. Housing Development Finance Corporation (HDFC) has registered a 17 per cent rise in its net profit at Rs. 252.55 crores for the half year ended September 2001 against Rs. 216.79 crores in the corresponding period last year.

The loan portfolio (including loans outstanding and investments in preference shares and debentures for financing real estate related projects, reflected under investments) as at September 30, 2001 amounted to Rs. 15,972 crores against Rs. 12,167 crores. Total assets rose to Rs. 19,351 crores from Rs. 15,672 crores.

Loan approvals during the six month period amounted to Rs. 4,083.59 crores as compared to Rs. 3,165.04 crores in the corresponding period last year, representing a growth of 29 per cent. Loan disbursements during the period were Rs. 3,207.57 crores against Rs. 2,484.67 crores, representing a growth of 29 per cent.

Announcing the half yearly results here today, Mr. Keki M. Mistry, Managing Director, HDFC, said, ``The lower interest rate regime, tax incentives for housing and rising income levels have made housing more affordable. Despite slowdown in the economy, retail growth continued to be fairly strong as a result of an increased network of offices and intensified marketing efforts. Approvals and disbursements in respect of individual loans were higher by 40 per cent and 41 per cent respectively as compared to the corresponding period last year."

The directors have approved an increase in the minimum permissible limit of FII holding in the corporation to 74 per cent from 49 per cent.

During the six months under review, Rs. 1,760 crores were received by way of repayment of loans through monthly instalments and prepayments. The gross non-performing loans of the corporation as at September 30, 2001 aggregated 1.13 per cent of the housing portfolio as compared to 1.18 per cent in the corresponding period last year.

The corporation opened 16 new offices in India. As on September 30, 2001, it had 103 offices across the country. It has recently extended its network of service associates to Bahrain.

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