JOIN USMortgage lender HDFC on Wednesday reported a consolidated net profit of Rs 2,083.12 crore for the quarter ended March 31, 2013, which is an increase of 17.2 per cent from the comparable quarter a year ago at Rs 1,776.74 crore.
Total income during the quarter under review grew to Rs 11,042.88 crore from Rs 9,278.11 crore in the same quarter of FY2012, a rise of 19.02 per cent, the company said in its notification to bourses.
For the full fiscal ended March 31, 2013, HDFC's consolidated net profit stood at Rs 6,639.72 crore, up 22 per cent from Rs 5,462.51 crore. Its total income during the period increased by 18.75 per cent to Rs 35,986.93 crore from Rs 30,302.86 crore.
Meanwhile, HDFC at its board meeting held this day declared a dividend of Rs 12.50 per share.
Briefing the media, HDFC CEO Keki Mistry pointed out that net interest income (NII) grew 13 per cent on year-on-year (YoY) basis to Rs 1,900 crore during the quarter. “The trigger behind good quarterly performance is the growth in loans,” he said.
The growth, he said, was strong especially in individual loans, where the spread was more or less stable with 3 basis points variation. “Our business was also driven by volume growth,” Mistry added.
HDFC expanded its loan book nearly 21 per cent YoY to Rs 1.70 lakh crore, However, this growth excluded around Rs 5,200 crore loans which the company had sold during the year. The lastest composition of loan book included individual loans of around Rs 1.11 crore, corporate credit of around Rs 57,000 crore and others at Rs 1,770 crore.
The company said that growth in individual loan book, after adding back loans sold, is 31 per cent (25 per cent net of loans sold), while non-individual loans grew by 13 per cent. The growth in the total loan book after adding back loans sold was 24 per cent.
On credit quality front, HDFC does not see any threat in the coming quarters even as Non-performing loans (NPLs) to individuals rose marginally to 0.58 per cent as against 0.55 per cent a year back. Mistry pointed out HDFC has provided Rs 145 crore on account of NPLs as against Rs 80 crore in the previous year. The cumulative provisions for NPLs stood at Rs 475 crore versus Rs 453 crore.