Business

HDFC first quarter profit rises 26 % to Rs. 468 cr.

CHENNAI: Housing Development Finance Corporation (HDFC) has reported a 26 per cent increase in its net profit after tax at Rs. 468.11 crore for the first quarter ended June 30, 2008, as compared to Rs. 372.81 crore in the year-ago period.

The profit before tax stood at Rs. 649.86 crore against Rs. 505.01 crore. Total income has increased to Rs. 2,318.62 crore from Rs. 1,830.39 crore during the period under reference.

As at June 30, 2008, total assets of HDFC stood at Rs. 85,163 crore as against Rs. 68,269 crore as at June 30, 2007.

The loan portfolio (including loans outstanding, deposits and investments in debentures for financing real estate related projects) as at June 30, 2008, amounted to Rs. 78,623 crore as against Rs. 60,485 crores, representing an increase of 30 per cent.

Loan approvals during the quarter amounted to Rs. 9,996 crore against Rs. 7,713 crore in the year-ago period, representing a growth of 30 per cent.

Loan disbursements stood at Rs. 7,204 crore against Rs. 5,645 crore, a rise of 28 per cent. During the first quarter of the financial year, loans drawn from commercial banks and financial institutions amounted to Rs. 2,794 crore.

In addition, HDFC availed refinance from National Housing Bank (NHB) amounting to Rs. 300 crore.

HDFC’s capital adequacy ratio stood at 15.9 per cent of the risk weighted assets, as against the minimum requirement of 12 per cent.

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