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Our Bureau

Mumbai , Jan. 25

HOUSING Development Finance Corporation has reported a 29 per cent increase in net profit, at Rs 236.05 crore, for the third quarter ended December 31, 2004.

The company had reported a net profit of Rs 182.81 crore during the corresponding quarter of the previous fiscal.

Income from operations rose 13.7 per cent, to Rs 846.89 crore (Rs 744.84 crore); total expenditure rose 7.3 per cent, to Rs 558.38 crore (Rs 520.51 crore), with interest expenses rising over 7 per cent, to Rs 508.62 crore (up from Rs 474.93 crore).

The increase in housing loan rates by the company last November made up for the rise in interest charges so that HDFC was able to protect its margins and maintain the spread at 2.18 per cent, said Mr Conrad D'Souza, General Manager, Treasury, HDFC.

The results of the quarter represent the steady nature of the company's performance, he said.

Gross profit, after interest but before depreciation and taxation, grew 27.7 per cent, to Rs 289.63 crore (Rs 226.71 crore). Profit before tax, at Rs 285.51 crore, (Rs 220.81 crore) rose 29.3 per cent. Provision for tax amounted to Rs 49.46 crore (Rs 38 crore).

Net profit for the nine months ended December 31, 2004 amounted to Rs 688.80 crore (Rs 553.81 crore) showing a 24.3 per cent increase.

During this period there was an increase in net profit from sale of investments (largely from sale of stake in Intelenet Global Services), which stood at Rs 141.08 crore (Rs 84.27 crore).

Approvals during the nine months ended December 31, 2004, rose 30 per cent, to Rs 13, 465 crore (Rs 10,390 crore). Disbursements rose 28 per cent, to Rs 10,652 crore (Rs 8,346 crore).

As at December 31, 2004, the total assets of HDFC stood at Rs 37,721 crore ( Rs 30,321 crore) - an increase of 24%.

Outstanding loans as on December 31, 2004 amounted to Rs 32,849 crore (Rs 25,290 crore), representing a growth of 30%.

The loan portfolio (including loans outstanding, deposits and investments in preference shares and debentures for financing real estate related projects) as at December 31, 2004 amounted to Rs 34,132 crore.

HDFC's current capital adequacy ratio stands at 14.6% of the risk weighted assets, as against the minimum requirement of 12%.

Tier 1 capital adequacy was 13.3%, said a statement from the company.

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