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Friday October 17, 03:14 PM
HDFC’S Financial Results for the Half-Year Ended September 30, 2008 |
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Mumbai, Maharashtra, India, Friday, October 17, 2008 -- (Business Wire India) -- The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced the results for the first half of the financial year 2008-2009, following its meeting on Friday, October 17, 2008 in Mumbai. The accounts have been subject to limited review by the Corporation’s statutory auditors in line with the regulatory guidelines.
FINANCIAL RESULTS
Financials for the Quarter ended September 30, 2008
For the quarter ended September 30, 2008, HDFC’s profit before exceptional income stood at Rs. 759.98 crore as against Rs. 582.44 crores in the corresponding quarter of the previous year – an increase of 30%.
After providing Rs. 225.75 crore for taxes, the net profit after tax for the quarter ended September 30, 2008 increased by 32% to Rs. 534.23 crore as against Rs. 403.44 crore in the corresponding quarter last year.
Financials for the Half year ended September 30, 2008
For the six months ended September 30, 2008, the profit before exceptional income stood at Rs. 1,409.84 crore as against Rs.1,087.45 crore in the corresponding period of the previous year – an increase of 30%.
After providing Rs. 407.50 crore for taxes, the net profit after tax for the quarter ended September 30, 2008 increased by 29% to Rs. 1,002.34 crore as against Rs. 776.25 crore in the corresponding quarter last year.
In the previous year, exceptional income of Rs. 313.25 crore, net of tax Rs. 242.95 crore related to profit on sale of investment of the entire shareholding in Intelenet Global Services Private Limited, which was earlier an Associate Company of the Corporation.
TOTAL ASSETS
As at September 30, 2008, the total assets of HDFC stood at Rs. 89,670 crore as against Rs. 72,665 crore as at September 30, 2007 – an increase of 23%.
Housing Loan Book
The loan book as at September 30, 2008 amounted to Rs. 81,192 crore as against Rs. 62,020 crore as at September 30, 2007, representing an increase of 31%.
Investments
As at September 30, 2008 the unrealised gains on HDFC’s listed investments amounted to Rs. 9,022.35 crores. This excludes the appreciation in the value of unlisted investments.
LENDING OPERATIONS
Approvals And Disbursements
Loan approvals during the six-month period ending September 30, 2008 amounted to Rs. 24,180 crore as compared to Rs. 18,948 crore, in the corresponding period last year, representing a growth of 28%. Loan disbursements during the period ending September 30, 2008 amounted to Rs. 17,788 crore as compared to Rs. 14,275 crore in the corresponding period last year, representing an increase of 25%.
The quarter saw a very strong demand for housing loans from individuals and the growth in individual disbursements for the six-month period ending September 30, 2008 was 31%.
Non-Performing Loans
HDFC’s recovery performance continues to be very good. The gross non-performing loans defined as loans where the instalments are outstanding for more than 90 days as at September 30, 2008 aggregated to 1.04% of the loan portfolio as against 1.16% in the corresponding period of the previous year. The balance in the provision for contingencies account stood at Rs. 485.02 crore which is 1.9 times the regulatory requirement as stipulated by the National Housing Bank. This has been the lowest level of non-performing loans seen in September for any year in the last decade.
RESOURCES
As at September 30, 2008, deposits stood at Rs. 14,723 crores as against Rs. 11,504 crores on the corresponding date last year. During the first half of the financial year, deposits accounted for 45% of the incremental borrowing of the Corporation. CRISIL (CRSL.BO, news) and ICRA have for the fourteenth consecutive year reaffirmed “AAA” rating for HDFC’s deposits.
During the first half of the current financial year, loans drawn from commercial banks and financial institutions amounted to Rs. 7,230 crore.
HDFC raised Rs. 3,917 crore through private placement of non-convertible debentures (NCDs) during the first half of the current financial year. The NCDs were “AAA” rated by both CRISIL and ICRA.
CAPITAL ADEQUACY RATIO
HDFC’s capital adequacy ratio stood at 15.2% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital adequacy was 14.1% as against a minimum requirement of 6%.
DISTRIBUTION NETWORK
HDFC’s distribution network spans 262 outlets, which include 52 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). In addition, HDFC covers over 90 locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank (HDBK.BO, news) Limited and other third party direct selling associates.
To cater to non-resident Indians, HDFC has offices in London and Dubai and service associates in Kuwait, Oman, Qatar, Sharjah, Abu Dhabi, Al Khobar, Jeddah and Riyadh in Saudi Arabia.
To view the Unaudited Financial Results and Balance Sheet, click on the links given below:
Unaudited Financial Results
Balance Sheet
Media contact details
Mahesh Shah,
Housing Development Finance Corporation Limited,
+91 (022) 66316410 / +91 9820414098,
maheshs@hdfc.com
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