HDFC's net profit up 23 pc in Q1 FY 11 | mumbai | Hindustan Times
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HDFC's net profit up 23 pc in Q1 FY 11

mumbai Updated: Jul 14, 2010 20:47 IST

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Riding on a strong loan-book at Rs 1.01-lakh-crore, India's leading home-loans lender, HDFC, clocked a 23 per cent jump in its net profit at Rs 694.59-crore in Q1 FY 11 as compared to Rs 564.92-crore in the year-ago period.

Its total income, however, declined to Rs 2,801.95-crore in Q1 FY 11 as compared to Rs 2,849.07-crore in the same period last year. During the quarter, profit on sale of investments was nil as compared to Rs 51.31-crore in the corresponding quarter of the previous year.

During Q1 FY 11, HDFC reported a profit before tax of Rs 966.59-crore as compared to Rs 779.92-crore in the corresponding quarter of the previous year, an increase of 24 per cent. The company provided Rs 272-crore for taxes in Q1 FY 11, a company statement said.

As at June 30, 2010, the total assets of HDFC stood at Rs 1,16,111-crore as against Rs. 97,479-crore as at June 30, 2009, up 19 per cent.

The company's loan-book stood at Rs 1,01,625-crore as against Rs 87,046-crore as at June 30, 2009. Loans sold during the preceding 12-months amounted to Rs 5,636-crore. The growth in the loan-book inclusive of loans sold (through HDFC Bank) is 23 per cent, the release said.

The spread on loans over cost of borrowings for Q1 FY 11 increased at 2.34 per cent compared to 2.31 per cent for FY 10.