HDFC Q2 net rises 23 per cent; to float property fund venture

For the quarter ended 30 September 2006, HDFC has reported a net profit growth of 23.09 per cent to Rs368.02 crore, or Rs13.71 per share, from Rs298.98 crore, or Rs11.9 per share, for the previous year quarter.

Gross interest income has increased 38.42 per cent to Rs1,446.79 crore from Rs1,045.2 crore for the previous year quarter. Interest expenses were 50.48 per cent higher at Rs913.69 crore and net interest income expanded at 21.7 per cent to Rs533.1 crore from Rs438.03 crore for the previous year quarter.

Staff costs went up by 10.93 per cent to Rs23.44 crore while other operating expenses increased 38.99 per cent to Rs45.2 crore. Other income for the quarter was higher at Rs9.54 crore as compared to Rs3.25 crore for the same quarter of previous year.

Total loan portfolio as at the end of the quarter stood at Rs51,332 crore – an increase of 25 per cent from Rs41,065 crore as at the end of previous year quarter. Total assets increased 24 per cent to Rs56,496 crore from Rs45,594 crore.

For the first half of the current financial year, loan approvals increased 28 per cent to Rs14,729 crore while loan disbursements went up 27 per cent to Rs11,280 crore. During the first half, HDFC raised Rs9,596 crore from commercial banks and Rs3,150 crore through non-convertible debentures. Fixed deposits with HDFC stood at Rs11,205 crore as at the end of the quarter.