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HindustanTimes Sun,23 Nov 2014

HDFC Q3 profit up 28% to Rs. 1,706 cr on retail loans

HT Correspondent, Hindustan Times  Mumbai, January 21, 2013
First Published: 21:25 IST(21/1/2013) | Last Updated: 21:28 IST(21/1/2013)

India’s top mortgage lender Housing Development Finance Corporation (HDFC) on Monday posted a 28% year-on-year rise in net profit to Rs. 1,706 crore for the quarter ended December 2012 against Rs. 1,337 crore a year ago, driven by a healthy growth in demand for retail loans.

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“Individual loan segment is driving demand,” said Keki Mistry vice chairman and chief executive officer, HDFC. “The individual loan book witnessed robust growth of around 31%, which includes addition of loans sold during this period,” said Mistry.

Individual loans constitute 68% of HDFC’s total loan book.

The total loan book the mortgage lender stood at Rs. 160,941 crore by the end of the December quarter, up 22% compared to Rs. 1,32,208 crore a year ago.

The company also witnessed an improvement in the asset quality with gross non-performing assets (NPAs) at 0.75% in the third quarter compared to 0.82% a year ago.

“This is the 32nd consecutive quarter end at which the percentage of non-performing loans has been lower than the year-ago period,” said Mistry.

Non-performing loans of the individual portfolio stood at 0.6% while that of the non-individual portfolio stood at 0.9%.

On plans to list its life insurance business, Mistry said the company will take a call after the new Insurance Bill is passed by Parliament.


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