HDFC net profit up 23 % in Q3, income falls 5.5%
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Last Updated: Wednesday, January 20, 2010, 21:41
  
Mumbai: Country's top mortgage lender HDFC on Wednesday posted 23 per cent rise in net profit at Rs 671.25 crore for the December quarter even as its income declined.

Contrary to fears of bad debts rising, HDFC reported decline in non-performing assets for the 20th quarter (or five years) in a row.

However, the bank's total income fell by 5.56 per cent at Rs 2,762.21 crore as the company had cut its total expenditure, primarily because of less interest outgo.

For the nine-month period ended December 31, the company posted a net profit of Rs 1,900 crore, a growth of 22.64 per cent over the year-ago period.

On decline of non-performing asset, HDFC CEO Keki Mistry said, "...if you look at December 2009, non-performing loans stood at 0.94 per cent compared to 1.01 per cent in December, 2008."

The decline comes despite the mortgage lender disbursing Rs 33,527 crore of loans during the first nine months of this fiscal, up 23 per cent over Rs 27,211 crore in the year-ago period.

HDFC shares settled up 0.55 per cent at Rs 2,524.10 on BSE today over its close yesterday.

PTI


First Published: Wednesday, January 20, 2010, 21:41


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