HDFC (Housing Development Finance Corporation ) on recently reported a 20% rise in second quarter net profit to Rs 970.70 crore.
The income from operations during the July-September quarter rose 40.27% to Rs 4,077.05 crore. Profit from the sale of investment during the quarter was Rs 86.88 crore.
It witnessed a marginal drop in incremental loan growth. The loan book grew 24 % in the second quarter to Rs 1,26,992 crore over the corresponding quarter last year, marginally down from 25% in the first quarter. The loan book figure includes loans of Rs 4,989 crore sold during the preceding 12 months. The loans to individuals grew by about Rs 2,000 crore to nearly Rs 80,000 crore while the corporate loans grew only by Rs 300 crore to Rs 46,700 crore.
MR. Keki Mistry, Vice Chairman and CEO, HDFC, said, “The right pricing of our loan book helped us maintain a steady growth in net interest margins at 4.3% and spreads 2.38%."
HDFC's gross non-performing loans as on September 30, 2011 was Rs 1,063 crore. This is equivalent to 0.82 per cent of the loan portfolio (from 0.86 per cent in previous year).
This is the 27th consecutive quarter end at which the percentage of non-performing loans has been lower than the corresponding quarter in the previous year.
In line with the revised provisioning requirements of National Housing Bank in August 2011, HDFC is required to carry a provision of Rs 1,196 crore, which includes provisioning of Rs 445 crore on standard assets in respect of housing loans granted under the dual rate home loan scheme and incremental provisioning for standard assets at 0.54%.
During the quarter, an amount of Rs 255 crore (net of deferred tax) was utilised from the additional reserve to meet the additional provision consequent to changes in provisioning norms mainly on standard assets.
HDFC's capital adequacy ratio stood at 13.8% of the risk weighted assets, against the minimum requirement of 12 %. Tier 1 capital adequacy was 11.7% against a minimum requirement of 6%.
The income from operations during the July-September quarter rose 40.27% to Rs 4,077.05 crore. Profit from the sale of investment during the quarter was Rs 86.88 crore.
It witnessed a marginal drop in incremental loan growth. The loan book grew 24 % in the second quarter to Rs 1,26,992 crore over the corresponding quarter last year, marginally down from 25% in the first quarter. The loan book figure includes loans of Rs 4,989 crore sold during the preceding 12 months. The loans to individuals grew by about Rs 2,000 crore to nearly Rs 80,000 crore while the corporate loans grew only by Rs 300 crore to Rs 46,700 crore.
MR. Keki Mistry, Vice Chairman and CEO, HDFC, said, “The right pricing of our loan book helped us maintain a steady growth in net interest margins at 4.3% and spreads 2.38%."
HDFC's gross non-performing loans as on September 30, 2011 was Rs 1,063 crore. This is equivalent to 0.82 per cent of the loan portfolio (from 0.86 per cent in previous year).
This is the 27th consecutive quarter end at which the percentage of non-performing loans has been lower than the corresponding quarter in the previous year.
In line with the revised provisioning requirements of National Housing Bank in August 2011, HDFC is required to carry a provision of Rs 1,196 crore, which includes provisioning of Rs 445 crore on standard assets in respect of housing loans granted under the dual rate home loan scheme and incremental provisioning for standard assets at 0.54%.
During the quarter, an amount of Rs 255 crore (net of deferred tax) was utilised from the additional reserve to meet the additional provision consequent to changes in provisioning norms mainly on standard assets.
HDFC's capital adequacy ratio stood at 13.8% of the risk weighted assets, against the minimum requirement of 12 %. Tier 1 capital adequacy was 11.7% against a minimum requirement of 6%.
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