HDFC net up 32.4% at Rs 534cr

The net profit after tax of HDFC grew 32.4 per cent to Rs 534.23 crore for the quarter ended September 2008 against Rs 403.44 crore excluding exceptional items in the corresponding quarter last year. The company had reported an exceptional item in Q2 FY08 of Rs 313.25 crore, which was the profit made on sale of its stake in BPO firm Intelent Global Services.

The net interest income was up 29 per cent at Rs 857.80 crore for the quarter ended September 30, 2008 when compared with Rs 664.9 crore in the corresponding period a year ago.

During the six months ended September 30, 2008 aggregated approvals went up 28 per cent to Rs 24,180 crore as compared to Rs 18,948 crore during the corresponding period in the previous fiscal.

 

In the same period disbursements rose by 25 per cent during  this period  amounted to Rs 17,788 crore as compared to Rs 14,275 crore during the corresponding period in the previous year.

Keki Mistry, managing director of HDFC said "The number of individual buyers taking loan has gone up and we expect the 20-25 per cent growth in year ahead."

The non performing loans has come down to 1.04 per cent from 1.16 per cent in the corresponding period last year. The capital adequacy ratio at the end of the quarter has gone up 15.2 per cent.  

Other Operating Income stood at Rs 205.29 crore in  the six months ended September 30, 2008 as against Rs 151.57 crore in the same period last year. This includes dividend income of Rs 109.08 crore against Rs 54.83 crore last year, profit on sale of investments Rs 22.56 crore against Rs 27.30 crore in the previous year and surplus on deployment of funds in cash management schemes of mutual funds of Rs 48.10 crore against Rs 45.97 crore in the first six months of the previous year.