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HDFC Q4 net up 16% to Rs 1,326.2 cr on higher core income

Housing finance lender HDFC Ltd Monday reported 16 percent jump in net profit at Rs 1,326.14 crore for the fourth quarter ended March, 2012.

Mumbai: Housing finance company, Housing Development Finance Corporation (HDFC) Monday posted a 16 percent growth in net profit at Rs 1326.2 crore in the fourth quarter on the back of higher core income.

The net profit of the company stood at Rs 1,142 crore in the same period last year.

Total income rose by around 30 percent to Rs 4,884.75 crore during the January-March period of the last financial year.

"We have witnessed sound growth in our net profit and loan book in the last financial year," Vice Chairman and Chief Executive Officer of HDFC, Keki Mistry told reporters here.

While net interest income (NII)of HDFC increased by around 24 percent to Rs 1,867 crore during this period, profit on sale of investments declined to Rs 79 crore compared to Rs 133.6 crore a year earlier.

For the whole financial year, HDFC posted a 17 percent rise in net profit to Rs 4,122.62 crore in FY12 compared to Rs 3,535 crore reported a year earlier.

Total income rose by around 35 percent to Rs 17,332 crore in the last financial year.

The company posted a 20 percent growth in its loan book to around Rs 1.41 lakh crore in FY12 with average size of individual loans increasing to Rs 19.50 lakh as against Rs 18.60 lakh during a year ago period.

Loan to individuals have witnessed a growth of 21 percent during the last fiscal.

"We hope to grow our loan book by around 18 percent in the current fiscal," Mistry said.

However, the housing finance company has witnessed a marginal reduction in the net interest margin (NIM) to 4.36 percent from 4.38 percent reported a year earlier.

Meantime, the mortgage lender has reported an increase in asset quality with a gross non-performing asset ratio (NPA) of only 0.74 percent at Rs 1,070 crore compared to 0.77 percent a year earlier.

However, the company has also seen marginal decrease in revenue terms from its subsidiaries, which are engaged in life insurance, and asset management business among others.

"Last fiscal, around 25 percent profit has come from our subsidiaries. Going ahead, this ratio will increase," Mistry said.

On capital adequacy front, HDFC's has a total capital adequacy ratio (CAR) of 14.06 percent by the end of March quarter with a Tier-I capital of 11.7 percent.


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