Millennium Post

HDFC September quarter net jumps by 19%

Mortgage firm HDFC on Monday reported 19 per cent increase in net profit at Rs 1,151.12 crore for the second quarter ended 30 September.

Housing Development Finance Corporation (HDFC) had posted net profit of Rs 970.70 crore for the July-September quarter of the previous fiscal.

The company's total income on standalone basis increased to Rs 5,277.2 crore during the September quarter from Rs 4,169.14 crore in the corresponding period last fiscal.

During the first half of 2012-13, the company clocked 19 per cent rise in net profit to Rs 2,153.03 crore, compared to Rs 1,815.23 crore in the same period a year ago.

The total assets of HDFC rose by 20 per cent at Rs 1,80,637 crore at the end of 30 September  2012, as against 1,50,045 crore at the end of second quarter last fiscal.

Gross non-performing loans declined to 0.77 per cent of the loan portfolio, as compared to 0.82 per cent in 30 September 2011, HDFC said in a statement.

On consolidated basis, HDFC reported 21 per cent increase in profit after tax to Rs 2,850.76 crore for the first half of this fiscal, compared to Rs 2,348.39 crore in the same period of the previous fiscal.

The spread on loans over the cost of borrowings for the half-year ended 30 September 2012 stood at 2.27 per cent. Net Interest Margin (NIM) was 4.2 per cent at the end of 30 September 2012.

HDFC's capital adequacy ratio stood at 16.7 per cent of the risk weighted assets, as against the minimum requirement of 12 per cent.
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