HDFC net profit at Rs 2,064 million for Q4
By Our Banking Bureau | 14 May 2002
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Mumbai: Housing Development Finance Corporation (HDFC) has posted a net profit of Rs 2,064.50 million for the quarter ended 31 March 2002 as compared to Rs 1,576 million in the quarter ended 31 March 2001. The total income has increased from Rs 6,599.10 million in MQ-01 to Rs 7,265.40 million in the quarter ended 31 March 2002.
The company has posted a net profit of Rs 5,800.10 million for the year ended 31 March 2002 as compared to Rs 4,736.50 million in the year ended 31 March 2001. The total income has increased from Rs 23,823.50 million in FY-01 to Rs 27,001.50 million in the year ended 31 March 2002. The board has recommended a dividend of Rs 25 per equity share inclusive of a special silver jubilee dividend of Rs 10 per share for the year ended 31 March 2002.
HDFCs recovery performance has been very good during the year. This has been made possible due to a very active recoveries management and a continuous process of introducing simpler and customer-friendly techniques to ensure that repayments are received on schedule.
Recently HDFC had tied up with Chubb Corporation for its non-life insurance venture. HDFC will hold 74 per cent and Chubb 26 per cent in HDFC Chubb General Insurance Ltd, the new joint venture (JV) company, which will initially be capitalised at Rs 1,000 million.
After successfully establishing our presence in the life insurance segment, HDFC now plans to tap the growing opportunities in non-life insurance, says HDFC chairman Deepak Parekh. Chubb is a global leader in non-life insurance with a strong presence in Asia. We believe that our understanding of the Indian market and a strong service network will combine with Chubbs global expertise in developing innovative insurance products to drive our non-life insurance venture to leadership and excellence.
Chubb Corporation has always believed in the tremendous potential of the Indian insurance sector, says Chubb Corporation chairman and CEO Dean OHare. We have been looking for a partner with a long-term commitment to create a valuable insurance business, which will not only fulfill our business goals, but also contribute towards developing the Indian non-life insurance market. We are proud to announce our JV with HDFC with whom we share a lot of common values.
HDFC Chubb General Insurance will file its application with the Insurance Regulatory Development Authority for R1 registration shortly.
The company has posted a net profit of Rs 5,800.10 million for the year ended 31 March 2002 as compared to Rs 4,736.50 million in the year ended 31 March 2001. The total income has increased from Rs 23,823.50 million in FY-01 to Rs 27,001.50 million in the year ended 31 March 2002. The board has recommended a dividend of Rs 25 per equity share inclusive of a special silver jubilee dividend of Rs 10 per share for the year ended 31 March 2002.HDFCs recovery performance has been very good during the year. This has been made possible due to a very active recoveries management and a continuous process of introducing simpler and customer-friendly techniques to ensure that repayments are received on schedule.
Recently HDFC had tied up with Chubb Corporation for its non-life insurance venture. HDFC will hold 74 per cent and Chubb 26 per cent in HDFC Chubb General Insurance Ltd, the new joint venture (JV) company, which will initially be capitalised at Rs 1,000 million.
After successfully establishing our presence in the life insurance segment, HDFC now plans to tap the growing opportunities in non-life insurance, says HDFC chairman Deepak Parekh. Chubb is a global leader in non-life insurance with a strong presence in Asia. We believe that our understanding of the Indian market and a strong service network will combine with Chubbs global expertise in developing innovative insurance products to drive our non-life insurance venture to leadership and excellence.
Chubb Corporation has always believed in the tremendous potential of the Indian insurance sector, says Chubb Corporation chairman and CEO Dean OHare. We have been looking for a partner with a long-term commitment to create a valuable insurance business, which will not only fulfill our business goals, but also contribute towards developing the Indian non-life insurance market. We are proud to announce our JV with HDFC with whom we share a lot of common values.
HDFC Chubb General Insurance will file its application with the Insurance Regulatory Development Authority for R1 registration shortly.
