India’s top home loan company, Housing Development Finance Corp (HDFC), on Friday announced a 17% year-on-year rise in net profit to Rs. 1,173 crore for the quarter ended June 2013 against Rs. 1,002 crore a year ago, driven by healthy growth in loan demand.
Net profit, which missed analysts’ expectations of Rs. 1,218 crore, sent the company’s shares down 2.9% to Rs. 804 on the BSE.
HDFC’s loan book increased 19% to Rs. 176,993 crore as on June 30, 2013, against Rs. 148,262 crore on June 30, 2012.
“This is the thirty-fourth consecutive quarter end at which the percentage of non-performing loans have been lower than a year ago,” said Keki Mistry, chief executive officer, HDFC.