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| Mr. Keki Mistry |
Net profit in the fiscal 3rd quarter rise to Rs. 981 crore from Rs. 891 crore in the year ago period.
The company’s total income grew by 35% to Rs. 4,473 crore during the quarter, up from Rs. 3,321 crore in the corresponding quarter last fiscal.
Mr. Keki Mistry, Vice Chairman said, ''The demand for housing loans continues to be strong despite a slowdown in some markets, including Mumbai and Gurgaon. We have seen a 19% rise in both approvals and disbursements in the first 9 months to December and HDFC loan book has grown 21%“
The loan book of HDFC expanded more than 21% to Rs. 1,32,000 crore as of December 31, 2011 from Rs.1,09,000 crore in December 2010, even after it sold loans worth Rs.4,221 crore.
Mr. Keki Mistry “If we had not sold those loans, the growth would have been stronger at 25%“
HDFC has agreements with HDFC Bank & IndusInd Bank to sell housing loans.
Nearly two thirds of HDFC's loans go to individuals, with the remaining lent to builders as project finance.
Housing loan approvals increased at a slightly faster pace in the quarter ended December, which led to an average of 19% growth in both approvals and disburse.
In the first six months, loan approvals grew 18%, while disbursements rose by 19%. This time approvals have risen 20%, while disbursements have kept pace at 19% growth.
At the time when banks are facing the rise in bad loans, HDFC has been able to maintain its asset quality. For the 28th consecutive quarter, HDFC's gross NPAs (Non Performing Assets ) dropped. It is 0.82% of assets, down from 0.85% a year ago.
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