Interest income boosts HDFC net | india | Hindustan Times
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Interest income boosts HDFC net

Mortgage lender Housing Development Finance Corporation Ltd (HDFC) on Monday posted a 21.6 per cent rise in net profit at Rs808 crore for the second quarter ended September 30, 2010, on the back of healthy growth in interest income.

india Updated: Oct 18, 2010 21:57 IST
HT Correspondent

Mortgage lender Housing Development Finance Corporation Ltd (HDFC) on Monday posted a 21.6 per cent rise in net profit at Rs808 crore for the second quarter ended September 30, 2010, on the back of healthy growth in interest income.

Net interest income during the quarter grew by 26 per cent to Rs1,189 crore, as against Rs947 crore in the corresponding quarter of the previous year. Income from operations rose 4.4 per cent to Rs2,907 crore, while total income climbed 4.2 per cent to Rs2,970 crore during the quarter.

The company improved the quality of loans as gross non-performing loans as on September 30, 2010 amounted to Rs939 crore, equivalent to 0.86 per cent of the loan portfolio compared to last year's 0.95 per cent.

"This is the 23rd consecutive quarter end at which the non-performing loans have been lower than the corresponding quarter of the previous fiscal," the company said.

The housing mortgage lender reported an 18.7 per cent increase in its loan book at Rs1,06,287 crore at the end of September, compared to Rs89,519 crore in year-ago period.