HDFC eyes 25% loan growth this fiscal

Housing finance company HDFC today said it expects a credit growth of 25 per cent in the current fiscal.

"We would end the year by at least growth of 22-25 per cent," HDFC managing director Renu Sud Karnad told PTI.

During 2009-10, the mortgage lender approved loans worth Rs 60,611 crore.
    
There is a pent up demand in housing sector, she said, adding, "it is true that at some locations property prices have firmed up, which is a cause of concern."
    
For the first quarter ended June 30, 2010, HDFC posted a 23 per cent jump in its net profit at Rs 694.59 crore compared to Rs 564.92 crore in the same quarter a year ago.
    
Total income, however, declined to Rs 2,802 crore in the reporting period from Rs 2,849 crore compared to same period in the previous fiscal.
    
During the June quarter, the company's loan-book crossed the Rs 1 lakh-crore mark to Rs 1,01,625 crore, from Rs 87,046 crore in the corresponding period last year.
    
Earlier this month, HDFC extended its 8.25 per cent teaser rate home-loans till the end of August to take on rival State Bank in the home loan segment.
    
During the June quarter, total assets of HDFC grew by 19 per cent to Rs 1.16 lakh crore and deposits rose 21 per cent to 23,906 crore.
    
For 2009-10, the mortgage lender clocked a 24 per cent jump in net profit at Rs 2,826.49-crore against Rs 2,282.54 crore in the year-ago period.
    
The lender's loan-book stood at Rs 97,967-crore in FY 10 as against Rs 85,198-crore in the year-ago period, up 15 per cent.