HDFC net profit increases by 19%

INDIA:  HDFC Ltd, the nation's largest housing finance company, today met Street objectives by confirming an 18.6 percent improve in net profits at Rs 1,001.91 crore in the first one fourth ended May 30.

In the same one fourth a season ago, it had revealed a net revenue of Rs 844.53 crore.

Income from functions jumped almost 30 percent to Rs 4,914.71 crore from Rs 3,800.67 crore in the year-ago interval.

With revenue on sale of investment strategies standing at over Rs 20 crore, total earnings during the one fourth was standing at Rs 4,934.95 crore (Rs 3,816.93 crore).

HDFC said that as on May 30, its mortgage publication was standing at Rs 1,48,262 crore against Rs 1,24,168 crore in the same interval last season. It included that the development in the person mortgage publication was standing at 29 percent, whereas the non-individual mortgage publication grew 14 percent.

Indicating that loans had played a key role behind the jump in its overall advances, HDFC said that during the one fourth, around 90 percent of the improve were because of the improve in the person mortgage publication.

Net attention earnings of the lender increased to Rs 1,372.55 crore from Rs 1,170.86 crore, while its net attention edges were steady at 4 percent.

Vaibhav Agrawal, vice-president research-banking at Angel Broking, said the results were mostly in range with anticipations. He included that HDFC had grew even larger its mortgage publication faster than the market amount of development in loans.

The market amount of development in loans has been reducing down because of the high attention amount environment and a demure economic outlook.

“Overall, earnings development was mostly in range with objectives, indicating that propagates and asset quality too would have been more or less in range. The inventory is trading like a protecting and value are already considering in a premium… That said, in the near-term, given the macro-concerns, the inventory will continue to command a weightage in protecting domain portfolios,” he included.