Hdfc Q1 Net Up To Rs 65.5 Cr

Housing Development Finance Corporation's (HDFC) net profit for the quarter ended June 30, 1998, jumped by 19.4 per cent to touch Rs 65.55 crore, up from Rs 54.90 crore for the corresponding period the previous year. The premier housing finance institution's income from operations rose 19.2 per cent to touch Rs 395.37 crore, up from Rs 331.66 crore. Other income stood at Rs 60.18 lakh (Rs 23.33 lakh). Interest expense for the first quarter of 1998-99 was Rs 287.98 crore (Rs 237.47 crore) and other expenses stood at Rs 16.85 crore (16.45 crore).

HDFC has posted a gross profit of Rs 91.13 crore (Rs 77.95 crore). After providing Rs 13.27 crore depreciation (Rs 9.75 crore) and Rs 12.30 crore (Rs 13.30 crore) as tax outgo, net profit of HDFC was Rs 65.55 crore (Rs 54.90 crore). The above results were taken on record by HDFC's board of directors at their meeting held on July 10, 1998. Loan approvals during the quarter ended June 30, 1998, aggregated to Rs 691.68 crore as compared to Rs 519.14 crore during the corresponding period the previous year -- representing an increase of 33 per cent.

Loan disbursals during this period amounted to Rs 485.28 crore as compared to Rs 338.32 crore the corresponding period of the previous year. This is an increase of 43 per cent.

According to HDFC, approvals and disbursement in respect of individual loans were higher by 42 per cent and 32 per cent respectively.

For the year ended March 1998, income from operations was Rs 1436.91 crore and other income stood at Rs 7.77 crore. Interest expense amounted to Rs 982.80 crore and other expenses were at Rs 59.95 crore. Gross profit for the year was Rs 401.91 crore. After tax and depreciation provisions of Rs 58 crore and Rs 50.56 crore respectively, the net profit in 1997-98 was Rs 293.35 crore.