Tuesday, Oct 26, 2004
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MUMBAI, OCT. 25. The Housing Development Finance Corporation (HDFC) has posted a 22.08 per cent rise in its second quarter net profit at Rs. 248.13 crores against Rs. 203.24 crores in July-September 2003. Income from operations for the reporting quarter rose to Rs. 840.26 crores from Rs. 773.23 crores in the second quarter of 2003-04, the company said in a release here today. The net profit and income from operations for the six months ended September 30, 2004 stood at Rs. 452.75 crores (Rs. 371 crores) and Rs. 1,601.43 crores (Rs. 1,499.61 crores) respectively. The total asset base rose by 25 per cent to Rs. 36,010 crores from Rs. 28,860 crores a year ago. The loan approvals amounted to Rs. 8,907 crores against Rs. 6,872 crores. The loan disbursements were up 28 per cent at Rs. 6,983 crores against Rs. 5,471 crores. The housing finance major raised Rs. 6,203 crores from commercial banks. The company would set up a new company, HDFC Venture Capital Ltd., to manage property fund. It would also establish another company, HDFC Ventures Trustee Company Ltd., which would act as a trustee for venture fund company, it said. It would divest 29.50 per cent stake in HDFC Securities to HDFC Bank. — PTI
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