HDFC Q1 profit up 17% at Rs 1,173 cr

Mortgage lender HDFC on Friday reported 34 per cent rise in net profit at Rs 1,707.10 crore for the quarter ended June 30, 2013 as compared to Rs 1,275.86 crore for the quarter ended June 30, 2012. The consolidated result includes profit from subsidiaries comprising HDFC Bank, HDFC Standard Life, HDFC Ergo General Insurance, HDFC Venture Capital and Gruh Finance Ltd.

The consolidated total income of HDFC Group has risen from Rs 7,388.51 crore for the quarter ended June 30, 2012 to Rs 8,482.85 crore for the quarter ended June 30, 2013.
However, absence of investment profits actually eroded its profit margin, which fell short of market expectations.

"As of June 30, 2013, the unrealised gains on HDFC's listed investments amounted to Rs 33,270 crores as against Rs 27,001 crore in the previous year. This excludes the appreciation in the value of unlisted investments," HDFC in a statement. 

Loan book stood at Rs 1,76,993 crore as compared Rs 1,48,262 crore at the end of first quarter of last fiscal, an increase of 19 per cent. The spread (on loans over the cost of borrowings) for the quarter was at 2.29 per cent. Net interest margin (NIM) declined to 3.9 per cent as against 4.2 per cent in the previous quarter.

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