The Hindu Business Line : HDFC net climbs 21 per cent in Q3

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HDFC net climbs 21 per cent in Q3 — Loan rate hike on cards

Our Bureau

Mumbai , Jan. 18

HOUSING Development Finance Corporation has reported a 20.53 per cent increase in net profit for the third quarter ended December 31, 2005.

Net profit rose to Rs 284.52 crore, up from Rs. 236.05 crore reported for the corresponding quarter of the previous fiscal. Income from operations rose 24.2 per cent to Rs 1,051.97 crore (Rs 846.89 crore).

Total expenditure too rose by over 24 per cent to touch Rs 697.93 crore (Rs 558.38 crore).

Among the various heads of expenditure, interest charges showed the highest increase, rising by 25.87 per cent, to Rs 639.78 crore (Rs 508.62 crore).

Profit before tax for the quarter stood at Rs 352.30 crore (Rs 285.51 crore). Provision for tax stood at Rs 67.68 crore (Rs 49.46 crore).

Approvals during the nine months ended December 31, 2005 aggregated Rs 17,777 crore compared with Rs 13,465 crore during the same period of the previous year - representing an increase of 32 per cent, said a news release from the company.

Disbursements during this period amounted to Rs 13,805 crore (Rs 10,652 crore), an increase of 30 per cent.

The HDFC scrip lost Rs 8.75 or 0.76 per cent during the day on the Bombay Stock Exchange, to close at Rs. 1149.25.

To review home loan rates

HDFC will review its lending rates for home loans and take a decision over the next seven or eight days, said Mr Keki Mistry, Managing Director of the company.

If it decides to change its lending rates, then the rise in rates may be between 25 basis points and 50 basis points, he said.

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