Hdfc First-Quarter Growth In Net Profit Up 19.25%

The Housing Development Finance Corporation (HDFC) Ltd has reported a 19.25 per cent growth in net profit at Rs 114.06 crore in the first quarter ended June 30, 2001, compared with Rs 95.64 crore in the corresponding period of the previous year.

The company's income from operations was up 14.62 per cent at Rs 633.07 crore (Rs 552.32 crore), while other income stood at Rs 90 lakh (Rs 36 lakh).

Total expenditure in the reporting quarter increased by 14.14 per cent to Rs 491.81 crore (Rs 430.85 crore). Interest and other charges were up by 13.66 per cent to Rs 462.36 crore (Rs 406.77 crore), staff expenses rose by 14.89 per cent at Rs 10.72 crore (Rs 9.33 crore) and other expenses rose by 27 per cent to Rs 18.73 crore (Rs 14.75 crore).

 

Gross profit (after interest but before depreciation and taxation) looked up by 16.68 per cent to Rs 142.16 crore (Rs 121.83 crore).

Approvals during the period increased by 32 per cent at Rs 1,593.12 crore (Rs 1,205.97 crore), while disbursals were up by 31 per cent at Rs 1,225.43 crore (Rs 937.62 crore). Approvals and disbursements in respect of individual loans were higher by 39 per cent and 41 per cent, respectively.

The company said that it had changed its accounting policy for brokerage to bring it in conformity with international standards. As per the new policy, the total brokerage payable, other than the incentive brokerage, is amortised over the period of deposit.

The expense on account of brokerage for the first quarter of the previous year has been re-computed and has resulted in a reduction of Rs 5.92 crore from the amount of brokerage reported for the quarter ended June 30, 2000. After adjusting Rs 1.37 crore towards tax, the net profit for the first quarter of the previous year is higher by Rs 4.55 crore.