HDFC reports 24% growth in Profits in Q2
by 13, October, 2009 0 |
A company official said that increase in loan disbursements, reduction in cost of funds, and lower non-performing loans helped HDFC achieve this milestone. The interest spread on loans for the quarter was 0.01 % higher at 2.2 per cent compared with 2.19 per cent in the preceding quarter and 0.04 % lower when compared to 2.24 per cent in the corresponding quarter last year.
HDFC Ltd has reported a 24 per cent growth in net profit, at Rs 664 crore, as compared to Rs 534 crore in the corresponding quarter last year.
A company official said that increase in loan disbursements, reduction in cost of funds, and lower non-performing loans helped HDFC achieve this milestone. The interest spread on loans for the quarter was 0.01 % higher at 2.2 per cent compared with 2.19 per cent in the preceding quarter and 0.04 % lower when compared to 2.24 per cent in the corresponding quarter last year. The official continued that the company was trying to maintain spreads in the region of 2.15-2.2 per cent.
The cost of funds has come down on an incremental basis to 9.07 per cent for the six-month period ending September 30 from 9.4 per cent for the same period last year while income from operations increased to Rs 2,783.54 crore from Rs 2,592.54 crore. The composition of the total loan portfolio has also changed with retail loans now constituting 66 per cent of the total portfolio.
The company is aiming at a 20 per cent growth in approvals and disbursements in the current fiscal.
