HDFC Q2 net up 24% | business | Hindustan Times
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HDFC Q2 net up 24%

Led by strong home loan demand and growth in loan disbursements by 26 per cent between April and September, Housing Development Finance Corporation (HDFC) witnessed a rise in its total income and net profit for the quarter ended September 2009 by 8.8 per cent 24.3 per cent respectively.

business Updated: Oct 12, 2009 20:58 IST
HT Correspondent

Led by strong home loan demand and growth in loan disbursements by 26 per cent between April and September, Housing Development Finance Corporation (HDFC) witnessed a rise in its total income and net profit for the quarter ended September 2009 by 8.8 per cent 24.3 per cent respectively.

The revenue for the lending institution grew from Rs 2,620 crore in the quarter ended September 2008 to Rs 2,850 crore in Q2 2009. The profit for the same period has risen from Rs 534 crore to Rs 664 crore.

The institution witnessed strong growth in retail demand for home loan in the quarter ended September 2009.

On a sequential quarter basis, the growth in individual loan approvals and disbursements for the second quarter stood at 26 per cent and 24 per cent respectively over the quarter ended June 2009.

While the company has managed a healthy growth in revenue and profits, it even managed to control rise in expenses. The interest expense (primary expenditure) grew by only 4.5 per cent whereas the company managed to reduce its staff expense for the quarter by 7.3 per cent to Rs 32.8 crore from Rs 35.4 crore in the same period last year.