HDFC Q4 net rises 10.8% to Rs 1,723 cr

HDFC Q4 net rises 10.8% to Rs 1,723 cr

 The country's largest mortgage lending major, Housing Development Finance Corporation (HDFC) on Tuesday reported an increase by 10.8 per cent in its net profit for the quarter ended March 31, 2014 to Rs 1,723.10 crore as compared with the same quarter in the previous fiscal at Rs 1,555.21 crore.

Growth in individual loan book, stable margin and improved asset quality aided the lender's earnings performance, said an HDFC release.

HDFC vice-chairman & CEO Keki Mistry in his post-earnings comments said: “Contrary to market, we have not seen any real slowdown in our business in the past two years. Our individual loan book has grown at 26 per cent in 2013-14, on a year-on-year basis. Delhi-NCR (national capital region) continues to be the largest contributor (to growth) followed by Mumbai, Chennai, Bangalore and Pune. Growth has come mainly by volume and not by average ticket size, which increased by 2.5-3 per cent in the last financial year."

HDFC's standalone income from operations increased to Rs 6,493 crore in January-March quarter from Rs 5,561 crore in the corresponding period of previous year. Profit on sale of investments also rose to Rs 128 crore from Rs 105 crore during this period. The unrealised gains on HDFC's listed investment were estimated at Rs 38,213 crore at the end of March, 2014.

This excludes the appreciation in the value of unlisted investments. The spread on loans over the cost of borrowings for the year ended March 31, 2014 stood at 2.29 per cent. Net interest margin for 2013-14 was at 4.1 per cent.

HDFC closed last financial year with total assets of Rs 225,757 crore, an increase of 16 per cent. The loan book was at Rs 197,100 crore at the end of March, 2014 compared to Rs 170,046 crore a year earlier. The growth in the total loan book, inclusive of loans sold, was 20 per cent.

Of the total loan book, individual loans had 71 per cent share. Further, 85 per cent of the incremental growth in loan book during the year came from individual loans. The average size of individual loans was Rs 22.1 lakh as compared to Rs 21.6 lakh a year earlier.

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