HDFC’s net surges 33 per cent on IL&FS stake sale
15 Jan 2011
Strong growth in loan disbursals coupled with income from the sale of a 10-per cent stake in IL&FS saw housing finance major HDFC Ltd's net profit grow 33 per cent to Rs891 crore during the quarter ended 31 December 2010, from Rs671 crore in the corresponding period last year.
The bulk of the growth came from individual loans, said Keki Mistry, vice-chairman and chief executive officer.
In individual loans, approvals grew 39 per cent and disbursements 38-per cent. Overall, loan approvals increased 29 per cent and disbursements 25 per cent.
The housing finance company is looking at spreads in the range of 2.15-2.35 per cent and a loan growth of 20-25 per cent for the current fiscal, Mistry said.
During the third quarter, the net interest income increased 19 per cent to Rs1,124 crore (Rs 943 crore). Profit from sale of investments surged to Rs167 crore (Rs51 crore).
This includes income from the sale of stake in IL&FS, said Conrad D'Souza, Senior General Manager, Management Services, HDFC.
