Housing Development Finance Corporation (HDFC) reported a jump of 10 per cent increase in net profit for the second quarter which ended on September 30. The company’s net profit rose to Rs1,266.33 crore for Rs1,151 crore during the same perios in the last financial year.
While company’s profit registered a jump, its net interest margin (NIM) declined marginally to 4.1 per cent from 4.2 per cent in Q2 FY13.
Total income on a standalone basis increased by 12.8 per cent to Rs5,945.94 crore from Rs5,269.45 crore in the corresponding period last fiscal. HDFC’s total assets stood at Rs2,12,071 crore till September 30, 17 per cent up against Rs1,80,637 crore at the end of second quarter last fiscal.
Company’s loan book grew by 22 per cent to Rs1,84,886 crore as compared to Rs1,55,128 crore. Off the entire loan book, retail loan grew by 29 per cent and loans to individuals during the Q2 FY14 grew by 26 per cent, after adjusting for loans sold. The average loan amount during the quarter was Rs21.9 lakhs, higher than the previous quarter.
Capital adequacy ratio increased to 19 per cent of risk weighted assets, against the minimum requirement of 12 per cent. On a consolidated basis, HDFC reported a 26 per cent increase in profit after tax to Rs3,598.27 crore for the first half of this fiscal, compared with Rs2,850.76 crore in the same period of the previous fiscal.