HDFC Q2 net rises 10% to Rs 1,266 crore

HDFC Q2 net rises 10% to Rs 1,266 crore

Mortgage major Housing Development Finance Corporation (HDFC) on Monday posted net profit of Rs 1891.17 crore during the second quarter of fiscal 2014, up 20 per cent from Rs 1,574.90 crore for the corresponding period of fiscal 2013.

During this period, total income rose to Rs 9,971 crore from Rs. 8669 crore for the comparable quarter last fiscal, a rise of 15 per cent.

Further, HDFC had Rs 1.85 lakh-crore of loans outstanding at the end of September, up 19 per cent from a year earlier, mainly due to loans to individuals, as per the release.  Loans to individuals comprise 70 per cent of HDFC’s outstanding loans, the release said adding: “....further, 91 per cent of the incremental growth in the loan book during the half year ended September 30, 2013 came from individual loans.” 

At the same time, HDFC’s bad loans have inched up far less than some other large lenders, mainly PSU lenders. Its gross bad loans stood at Rs 1,473 crore or 0.79 per cent of its loan book, compared with 0.77 per cent at the end of September last year.

The aforementioned units  paid lower dividends and investment income to HDFC in the July to September quarter;  if the payments were excluded, HDFC's profit would have increased by 16 per cent, it added.

Meanwhile, HDFC informed BSE that at its board meeting held on Monday Vice-Chairman Keshub Mahindra and independent director Shirish B Patel resigned as directors of the company with immediate effect.

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