Press release from Business Wire India
Source: Housing Development Finance Corporation Limited
Friday, July 19, 2013 02:40 PM IST (09:10 AM GMT)
Editors: General: Consumer interest, Economy, People; Business: Accounting & management consultancy services, Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Major diversified industrial groups, Stock exchanges
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HDFC Ltd. Financial Results for the Quarter Ended June 30, 2013, Consolidated and Standalone
Mumbai, Maharashtra, India, Friday, July 19, 2013 -- (Business Wire India) -- Performance Highlights
-- 34% increase in the consolidated profit after tax to Rs. 1,707 crores for the quarter ended June 30, 2013
-- 17% increase in the standalone profit after tax to Rs. 1,173 crores for the quarter ended June 30, 2013
-- 17% increase in the standalone Net Interest Income for the quarter ended June 30, 2013
-- 31% growth in the individual loan book (after adding back the loans sold in the preceding 12 months)
-- Gross non-performing loans stood at 0.77% of the loan portfolio as at June 30, 2013 compared to 0.79% as at June 30, 2012 - 34th consecutive quarter end at which the percentage of non-performing loans has been lower than the corresponding quarter in the previous year.
The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced its unaudited consolidated and standalone financial results for the first quarter of the financial year 2013-14, following its meeting on Friday, July 19, 2013 in Mumbai. The accounts have been subject to a limited review by the Corporation's statutory auditors in line with the regulatory guidelines.
CONSOLIDATED FINANCIAL RESULTS
For the quarter ended June 30, 2013, the consolidated profit after tax stood at Rs. 1,707.10 crores as compared to Rs. 1,275.86 crores in the quarter ended June 30, 2012 - an increase of 34%.
The share of profit from subsidiary and associate companies in the consolidated profit after tax grew to 31% for the quarter ended June 30, 2013 compared to 25% in the corresponding quarter of the previous year.
STANDALONE FINANCIAL RESULTS
For the quarter ended June 30, 2013, HDFC reported a profit after tax of Rs. 1,173.10 crores as compared to Rs. 1,001.91 crores for the quarter ended June 30, 2012 - an increase of 17%.
TOTAL ASSETS
As at June 30, 2013, the total assets of HDFC stood at Rs. 2,02,268 crores as against Rs. 1,74,191 crores as at June 30, 2012 - an increase of 16%.
LENDING OPERATIONS
As at June 30, 2013, the loan book stood at Rs. 1,76,993 crores as against Rs. 1,48,262 crores as at June 30, 2012. Loans sold during the preceding twelve months amounted to Rs. 6,310 crores. The growth in the individual loan book, after adding back loans sold is 31% (24% net of loans sold). The growth in the total loan book inclusive of loans sold is 24% (19% net of loans sold).
Of the total loan book, individual loans comprise 70%. The incremental growth in the loan book (including loans sold) of Rs. 8,081 crores during the quarter ended June 30, 2013 was entirely attributable to the growth in individual loans.
As at June 30, 2013, the total loans outstanding in respect of loans sold/assigned stood at Rs. 17,292 crores. HDFC continues to service these loans sold under these transactions and is entitled to the residual interest on the loans sold. The residual interest on the individual loans sold is 1.30% p.a. and is being accounted over the life of the loans.
Spread and Net Interest Margins
The spread on loans over the cost of borrowings for the quarter ended June 30, 2013 stood at 2.29%.
Net Interest Margin for the quarter ended June 30, 2013 was 3.9%.
Investments
As at June 30, 2013, the unrealised gains on HDFC's listed investments amounted to Rs. 33,270 crores (previous year Rs. 27,001 crores). This excludes the appreciation in the value of unlisted investments.
Non-Performing Loans
Gross non-performing loans as at June 30, 2013 amounted to Rs. 1,371 crores. This is equivalent to 0.77% of the loan portfolio (previous year - 0.79%). This is the thirty-fourth consecutive quarter end at which the percentage of non-performing loans have been lower than the corresponding quarter in the previous year.
Based on a six months overdue basis, the non-performing loans as at June 30, 2013 stood at 0.38% of the loan portfolio as against 0.49% in the previous year.
As per NHB norms, the Corporation is required to carry a total provision of Rs. 1,326 crores of which only Rs. 420 crores is on account of non-performing assets and the balance Rs. 906 crores is in respect of general provisioning on standard loans and other provisions.
The balance in the provision for contingencies account as at June 30, 2013 stood at Rs. 1,801 crores. This is equivalent to 1.02% of the portfolio. Thus the Corporation carries an additional provision of Rs. 475 crores over the regulatory requirements.
CAPITAL ADEQUACY RATIO
HDFC's capital adequacy ratio stood at 16.3% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital was 14% against a minimum requirement of 6%.
DISTRIBUTION NETWORK
HDFC's distribution network spans 333 outlets that include 83 offices of HDFC's distribution company, HDFC Sales Private Limited (HSPL). In addition, HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and third party direct selling associates.
To cater to non-resident Indians, HDFC has offices in London, Dubai and Singapore and service associates in Kuwait, Oman, Qatar, Sharjah, Abu Dhabi and Saudi Arabia.
To view the results, please click on the links given below:
Qtr _Standalone_June 2013
Qtr _Consol_ June 2013
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/Qtr _Standalone_- June 2013.pdf
Qtr _Standalone_June 2013
http://www.BusinessWireIndia.com/attachments/Qtr _Consol_ June 2013.pdf
Qtr _Consol_ June 2013
CONTACT DETAILS
Mahesh Shah, Housing Development Finance Corporation Limited, +91 (22) 66316410, maheshs@hdfc.com
KEYWORDS
CONSUMER, ECONOMY, PEOPLE, CONSULTANCY SERVICES, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, GROUPS, STOCK EXCHANGES
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