BWI: HDFC’S Financial Results for the Period April to December, 2010

Press release from Business Wire India
Source: Housing Development Finance Corporation Limited
Friday, January 14, 2011 04:45 PM IST (11:15 AM GMT)
Editors: General: Consumer interest, Economy; Business: Advertising, PR & marketing, Banking & financial services, Business services, Construction, Financial Analyst, Real estate, Stock exchanges
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HDFC'S Financial Results for the Period April to December, 2010


Mumbai, Maharashtra, India, Friday, January 14, 2011 -- (Business Wire India) -- The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced the results for the third quarter of the financial year 2010-2011, following its meeting on Friday, January 14, 2011 in Mumbai. The accounts have been subject to limited review by the Corporation's statutory auditors in line with the regulatory guidelines.

FINANCIAL RESULTS

Financials for the Quarter ended December 31, 2010

For the quarter ended December 31, 2010, the Net Interest Income was ` 1,124.17 crore as against ` 943 crore in the corresponding quarter of the previous year - an increase of 19%.

As a consequence of lower dividend received for the quarter ended December 31, 2010, the Net Operating Income was ` 1,156.11 crore as against ` 1,001.34 crore in the corresponding quarter of the previous year - an increase of 15.5%.

HDFC reported a profit before tax of ` 1,212.88 crore as against ` 957.25 crore in the corresponding quarter of the previous year - an increase of 27%.

After providing ` 322 crore for taxes, the net profit after tax for the quarter ended December 31, 2010 amounted to ` 890.88 crore as compared to ` 671.25 crore in the corresponding quarter last year - an increase of 33%.

To view results please click on the link given below:

Quater ended December 31

Financials for the Nine-month period ended December 31, 2010

For the nine-month period ended December 31, 2010, Net Operating Income was ` 3,422.65 crore as against ` 2,778.46 crore in the corresponding quarter of the previous year - an increase of 23%.

The profit before tax stood at ` 3,313.01 crore as against ` 2,650.11 crore in the corresponding period of the previous year - an increase of 25%.

After providing ` 920 crore for taxes, the net profit after tax for the nine months ended December 31, 2010 increased by 26% to ` 2,393.01 crore as against ` 1,900.11 crore in the corresponding period of the previous year.

To view results please click on the link given below:

Nine-month period ended December 31

TOTAL ASSETS

As at December 31, 2010, the total assets of HDFC stood at ` 1,25,628 crore as against ` 1,04,560 crore as at December 31, 2009 - an increase of 20%.

Loan Book

As at December 31, 2010, the loan book stood at ` 1,09,051 crore as against ` 90,410 crore as at December 31, 2009. Loans sold during the preceding twelve months amounted to ` 5,387 crore. The growth in the loan book inclusive of loans sold is 27%. The growth in the individual loan book, inclusive of loans sold was 31%.

The spread on loans over the cost of borrowings for the nine-month period ended December 31, 2010 stood at 2.33%.

Investments

As at December 31, 2010, the unrealised gains on HDFC's listed investments amounted to ` 21,699 crores (previous year ` 14,185 crore). This excludes the appreciation in the value of unlisted investments.

LENDING OPERATIONS

Lending operations for the nine months ended December 31, 2010 was good with approvals growing at 29% and disbursements growing by 25% as compared to the corresponding period in the previous year. Individual business was robust with individual approvals growing at 39% and disbursements growing by 38% as compared to the corresponding period in the previous year.

Non-Performing Loans

Gross non-performing loans as at December 31, 2010 amounted ` 954.08 crores. This is equivalent to 0.85% of the loan portfolio (previous year - 0.94%). This is the twenty-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 December 31, 2010 stood at 0.54% of the loan portfolio as against 0.60% in the previous year.

The balance in the provision for contingencies account as at December 31, 2010 stood at ` 1,093.15 crore, which is equivalent to 0.97% of the portfolio. The Corporation has no net non performing loans as the provision for contingencies exceeds the gross non-performing loans.

RESOURCES

As at December 31, 2010, deposits stood at ` 25,909 crore as against ` 21,979 crore on the corresponding date last year, registering a growth of 18%. HDFC's deposits carry a "AAA" rating from both, CRISIL and ICRA.

During the nine-month period of the current financial year, loans drawn from commercial banks, financial institutions and the National Housing Bank amounted to ` 26,982 crore.

HDFC raised ` 9,460 crore through private placement of non-convertible debentures (NCDs) during the nine-month period of the current financial year. The NCDs were "AAA" rated by both, CRISIL and ICRA.

CAPITAL ADEQUACY RATIO

HDFC's capital adequacy ratio stood at 14.1% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital adequacy was 13% as against a minimum requirement of 6%.

DISTRIBUTION NETWORK

HDFC's distribution network spans 287 outlets, which include 69 offices of HDFC's distribution company, HDFC Sales Private Limited (HSPL). In addition, HDFC covers over 90 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 other third party 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, Al Khobar, Saudi Arabia - Jeddah and Riyadh.

For picture(s)/data to illustrate this release click below:

http://www.BusinessWireIndia.com/attachments/QtrDec-10-print.pdf
QtrDec-10-print.pdf
http://www.BusinessWireIndia.com/attachments/dec10.pdf
dec10.pdf


CONTACT DETAILS
Mahesh Shah, Housing Development Finance Corporation Limited, +91(22) 22820282, maheshs@hdfcindia.com

KEYWORDS
CONSUMER, ECONOMY, MARKETING, BANKING, BUSINESS SERVICES, CONSTRUCTION, Financial Analyst, REAL ESTATE, STOCK EXCHANGES

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