HDFC Q3 net up 10% at Rs 981 cr

I / Mumbai January 12, 2012, 13:50 IST

HDFC, a housing finance company, announced 10.1% increase in net profit at Rs 981crore for the quarter ended December, 2011. In the same period a year ago it was Rs 891 crore.

The company's total income stood at Rs 4,473 crore during the quarter, up from Rs 3,321 crore in the corresponding quarter last fiscal, Housing Development Finance Corporation (HDFC) said in a filing to the BSE.

Revenue rose 18.2% to Rs 1,367 crore as against Rs 1,156 crore in the year ago period.

Operating profit increased 19% to Rs 1,240 crore as against Rs 1,046 crore in December 2010.

Net interest income up by 18% at Rs 1,367 crore.

Profit on sale of investment declined 47.3% to Rs 88 crore while it was Rs 167 crore in December 2010.

As of December 31, 2011, the company's loan book stood at Rs 1.32 lakh crore, compared to Rs 1.09 lakh crore in the year-ago period, it said.

Net profit of the company during the April-December period stood at Rs 2,796.48 crore, compared to Rs 2,393.01 crore in the previous fiscal.

Total income during the nine-month period stood at Rs 12,463.25 crore, compared to Rs 9,093.21 crore in the corresponding year-ago period.

The figures are not comparable as the company changed its accounting policy for Cross Currency Interest Rate Swaps.

These swaps, which were earlier recorded at fair value, are now being recorded at a higher liability by marking only the foreign currency component to spot rates and excluding the benefit of interest rate differentials, HDFC said.

"Had the corporation followed the earlier method of accounting... Net profit for the nine months ended December 31, 2011, would have been lower by Rs 54 crore," it said.

The net interest margin (NIM) of the company stood at 4.3% at the end of December 31, 2011.

Gross non-performing loans stood at Rs 1,109 crore, or 0.82%, of total advances during the quarter.

The company stocks are trading at Rs 686 apiece on Bombay Stock Exchange at 1350 hours, up 0.7%.