 "HDFC net meets estimates, rises 10% to Rs 1266 crore")
Housing finance company HDFC ’s second quarter earnings matched expectations with the standalone net profit rising 10 percent year-on-year to Rs 1,266.33 crore from Rs 1151 crore.
Net interest income increased 14 percent on a yearly basis to Rs 1,579 crore in the quarter gone by.
Income from operations grew 13.2 percent to Rs 5,859.19 crore during the September quarter from Rs 5,175.34 crore in the year ago period.
Dividend and profit on sale of investments declined to Rs 257.25 crore during second quarter from Rs 288.58 crore in a corresponding quarter of previous year.
Total assets of the housing finance company increased 17 percent year-on-year to Rs 2.12 lakh crore in the quarter gone by.
The gross non-performing loans increased marginally to 0.79 percent of the loan portfolio against 0.77 percent last year.
Net interest margin was 4.1 percent against 3.9 percent a quarter ago.
Spread on loans were 2.24 percent for the quarter ended September 30,2013.
The company’s loan book grew 19.4 percent year on year to Rs 1.85 lakh crore.
The bank released Rs 45.81 crore from standard provisioning.
According to the management the bank’s loan book has seen a growth of 22 per cent mostly from individual loans.
Shares of HDFC, however fell 1 percent after it reported its second quarter earnings.
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