Hdfc Net Up 20%

Housing finance major Housing Development Finance Corporation Ltd (HDFC) today announced a net profit of Rs 137.30 crore for the first quarter of 2002-2003, recording a 20 per cent rise over the net of the corresponding quarter of last year.

Loan approvals in the first quarter aggregated Rs 2,104.62 crore, up 32 per cent from Rs 1,593.12 crore in the corresponding period last year. Loan disbursements grew 31 per cent to Rs 1,607.00 crore from the corresponding figure of Rs 1,225.43 crore.

Approvals and disbursements for individual loans increased 35 per cent and 37 per cent, respectively, during the first quarter of this financial year.

Income from operations showed a 11.02 per cent rise to Rs 702.88 crore for the first quarter versus Rs 633.07 crore in the same quarter of last year.

Total expenditure rose 7.86 per cent to Rs 530.51 crore (Rs 491.81 crore). HDFC chairman Deepak Parekh told shareholders at the annual general meeting today that the growth in profit after tax was lower at 20 per cent, against a 25 per cent growth in profit before tax at Rs 165.83 crore (Rs 133.16 crore). "This is because of the higher tax liability," Parekh said. HDFC has made a higher provision for tax at Rs 28.53 crore for the first quarter, against Rs 19.1 crore in the corresponding period of last year.

HDFC's deposit base grew 23.78 per cent as on June 30, 2002, to Rs 9,710.44 crore from Rs 7,844.57 crore in the same period last year. The total number of deposit accounts now exceed 1.3 million. HDFC has drawn Rs 243.11 crore from commercial banks and raised Rs 158.36 crore through private placements of non-convertible debentures (NCDs) and bonds.