HDFC Q2 PAT up 22% at Rs 808 cr

Leading mortgage firm Housing Development Finance Corporation (HDFC) today reported a 21.63 per cent rise in net profit to Rs 807.54 crore for the second quarter ended September 30, led by higher loan disbursal.

The firm had posted a net profit of Rs 663.94 crore during the corresponding quarter of last fiscal, HDFC said in a filing to the Bombay Stock Exchange.

It also reported an increase of 4.21 per cent in its total income during the second quarter to Rs 2,970.22 crore, as against Rs 2,850.23 crore in the year-ago period.

HDFC reported a 18.73 per cent increase in its loan book at Rs 1,06,287 crore at the end of September, compared to Rs 89,519 crore in the corresponding period of 2009-10.

During the quarter ended September 30, HDFC has allotted 53.73 lakh equity shares of Rs 2 each pursuant to conversion of foreign currency convertible bonds and exercise of stock options by its employees and directors.

During the quarter under review, the mortgage firm sub-divided shares of face value of Rs 10 to Rs 2 each with effect from August 21, 2010. The share split was in the ratio of 1:5.

Meanwhile, the housing finance firm also announced the appointment of Keki M Mistry as Vice Chairman for a period of five years effective November 14, subject to shareholders approval.