The Hindu : Business : HDFC net rises to Rs. 236 crores in Q3

Online edition of India's National Newspaper
Wednesday, Jan 26, 2005

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Business

HDFC net rises to Rs. 236 crores in Q3

By Our Special Correspondent

MUMBAI, JAN. 25. HDFC today reported a 25 per cent rise in profit before tax at Rs. 843.80 crore in the nine months ended December 31, 2004, as compared to Rs. 675.31 crores during the corresponding period in the previous year. After providing Rs. 155 crores for tax (inclusive of deferred tax), the profit after tax increased by 24 per cent to Rs. 688.80 crores from Rs. 553.81 crores.

For the quarter ended December 31, 2004, the profit before tax amounted to Rs. 285.51 crores as against Rs. 220.81 crores in the corresponding quarter of the previous year, an increase of 29 per cent. After providing Rs. 49.46 crores (inclusive of deferred tax), the profit after tax for the quarter increased by 29 per cent to Rs. 236.05 crores from Rs. 182.81 crores in the corresponding quarter last year.

As at December 31, 2004, total assets stood at Rs. 37,721 crores as against Rs. 30,321 crores as at December 31, 2003, an increase of 24 per cent.

Loan approvals during the nine-month period amounted to Rs. 13,465 crores as against Rs. 10,390 crores, representing a growth of 30 per cent. Loan disbursements amounted to Rs. 10,652 crores as against Rs. 8,346 crores, representing an increase of 28 per cent.

Outstanding loans as on December 31, 2004 amounted to Rs. 32,849 crore compared to Rs. 25,290 crore as on December 31, 2003, representing a growth of 30 per cent.

The loan portfolio (including loans outstanding, deposits and investments in preference shares and debentures for financing real estate related projects) as at December 31, 2004 amounted to Rs. 34,132 crores.

During the current financial year, loans drawn from commercial banks amounted to Rs. 7,872 crores. HDFC also raised Rs. 4,000 crores through private placements of non-convertible debentures (NCDs). This amount is inclusive of Rs. 400 crores of subordinated debt. HDFC raised these funds at rates comparable with the lowest in the market.

HDFC's current capital adequacy ratio stands at 14.6 per cent of the risk weighted assets, as against the minimum requirement of 12 per cent. Tier 1 capital adequacy was 13.3 per cent.

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