Emerging out of the economic slowdown, home loan provider HDFC Ltd witnessed a 27 per cent rise in its disbursements in 2009-10.
The bank also reported a 26 per cent rise in net profit for the quarter ended March 31, 2010 at Rs 926 crore from Rs 733 crore in the same quarter last year. The growth in profits came even as the corporation’s total income went down by 8 per cent due to 25 per cent decline in its interest expenditure.
While disbursements rose to Rs 50,413 crore in 2009-10 from Rs 39,650 crore in 2008-09, the financial institution also witnessed a rise in its loan approvals by 23 per cent to Rs 60,611 crore during the year.
HDFC’s consolidated net profit for the year ended March 2010, however, grew 47 per cent at Rs 2,629 crore over the previous year. The consolidated total income also rose 5.6 per cent in the same period.
The corporation performed well in terms of recovery as the gross non-performing loans as at March 31, 2010 amounted to Rs. 783 crore and came down to 0.8 per cent of the portfolio from 0.8 per cent in the previous year.
JSW Q4 net up 1,357%
JSW Steel on Monday reported a 1,357 per cent rise in net profit for the fourth quarter ended March 31, 2010 at Rs 717 crore as against Rs 49 crore in the same quarter a year-ago.
The surge in profit was led by higher sales, with crude steel production seeing a 66 per cent growth and saleable steel production rising 43 per cent.
Domestic turnover went up 71.3 per cent and exports, which grew 8.9 per cent in the quarter, also contributed to profit.