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Monday, May 7, 2012

HDFC Q4 net rises 16% on strong loan demand

Housing finance major, HDFC reported a 16 per cent increase in net profit to Rs 1,326 crore in the January-March 2012 quarter against Rs 1,142 crore in the corresponding year-ago period.

The increase in profit comes on the back of a strong demand for home loans and higher income from operations.

In the full year-ended March 31, 2012, the housing finance major recorded a 17 per cent increase in net profit at Rs 4,123 crore (Rs 3,535 crore in FY11).

The board of directors of the housing finance company (HFC) have recommended payment of dividend at Rs 11 per equity share of Rs 2 face value as against Rs 9 per equity share for the previous year.

Mr Keki Mistry, Managing Director, HDFC, attributed the profitability in FY12 to strong demand for home loans and increase in the average size of new individual loans.

Year-on-year disbursements were up 18 per cent to Rs 71,113 crore (Rs 60,314 crore in FY11) and the average size of new individual loans rose to Rs 19.5 lakhs (Rs 18.60 lakhs last year).

Mr Mistry said he expects at least 18 per cent growth in loans in the current financial year.

Further, the net interest margin will be maintained at around 4.4 per cent.

In FY12, HDFC's loan book increased by 20 per cent to Rs 1,40,875 crore (Rs 1,17,127 crore). During the year, it sold loans amounting to Rs 4,978 crore.


Gross non-performing loans as at March 31, 2012, amounted to Rs 1,069 crore (Rs 904 crore as at March-end 2011).

This is equivalent to 0.74 per cent (0.77 per cent last year) of the portfolio.

In FY12, HDFC reported a 21 per cent increase in its consolidated net profit (includes the financial performance of life insurance, general insurance and asset management subsidiaries) to Rs 5,462.51 crore (Rs 4,528.41 crore in FY11).

Shares of HDFC closed higher at Rs 663.55 per share, up 0.57 per cent, as against the previous close of Rs 659.80.


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