HDFC Q4 profit up 11% at Rs 1,723 crore

Housing finance lender HDFC Ltd on Tuesday reported a 10.8 per cent jump in net profit at Rs 1,723.10 crore (Rs 17.23 billion) for the fourth quarter ended March, 2014.

The company had a net profit of Rs 1,555.21 crore (Rs 15.55 billion) in the January-March quarter of the previous fiscal, HDFC Ltd said in a statement.

The total income rose to Rs 6,620.33 crore (Rs 66.2 billion) in the quarter ended March 31, from Rs 5,666.08 core (Rs 56.66 billion) in the corresponding period a year ago.

The board proposed a dividend of Rs 14 per share on the face value of Rs 2 each for the financial year 2013-14.

For the entire fiscal ended March 31, 2014, the company reported a 12.2 per cent rise in net profit at Rs 5,440.24 crore, compared to Rs 4,848.34 crore (Rs 48.48 billion) in 2012-13.

During the year, total income improved to Rs 24,143.01 crore (Rs 241.43 billion) from Rs 21,112.50 core (Rs 211.12 billion) in 2012-13.

Net Interest Margin of HDFC stood at 4.1 per cent at the end of March 2014.

As at March, 2014, the loan book stood at Rs 1,97,100 crore (Rs 1,971 billion) as against Rs 1,70,046 crore (Rs 1,700.46 billion) in the previous year, an increase of 16

per cent.

Loans sold during the preceding 12 months amounted to Rs 6,944 crore (Rs 69.44 billion), of which Rs 5,317 crore (Rs 53.17 billion) was sold in the quarter ended March 31, 2014, it said.

With regard to asset quality, gross non-performing loans stood at Rs 1,357 crore (Rs 13.57 billion) at the end of FY'14. This is equivalent to 0.69 per cent of the portfolio.

On consolidated basis, the net profit of the company increased 20 per cent in 2013-14 to Rs 7,947.82 crore (Rs 79.47 billion), against Rs 6,639.72 crore (Rs 66.39 billion) in the previous financial year.

The total income on consolidated basis during the quarter increased to Rs 12,296.02 crore (Rs 122.96 billion) from Rs 11,042.88 crore (Rs 110.42 billion) for the quarter ended March, 2013.