HDFC Q1 net rises 23 per cent to Rs695 crore

Housing Development Finance Corporation (HDFC) has reported a 23 per cent rise in its after-tax profit, at Rs694.59 crore, in the April-June 2010 quarter of the current financial year, against Rs564.92 crore in the corresponding quarter of the previous year.

For the quarter ended 30 June 2010, HDFC reported a profit before tax of Rs966.59 crore, against Rs779.92 crore in the corresponding quarter of the previous year - an increase of 24 per cent.

After providing Rs272 crore for tax, the profit after tax for the quarter amounted to Rs694.59 crore, unaudited results showed.

Profit after tax for the year ended 31 March 2010 increased 24 per cent to Rs2,826.49 crore from Rs2,282.54 crore in the previous year.

Profit before tax for the year ended 31 March 2010 stood at Rs3,915.99 crore against Rs3,219.04 crore in the previous year, representing an increase of 22 per cent.

For the year ended 31 March 2010, the spread on loans over the cost of borrowing stood at 2.31 per cent per annum, against 2.21 per cent in the previous year.