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Higher interest income buoys HDFC Q4 net

Housing Development Finance Corporation’s net profit for the fourth quarter rose 40 per cent, buoyed by higher interest margin and a one-time gain from sale of shares in a subsidiary.

Net profit for the quarter ended March 31, 2008 amounted to Rs 768.12 crore, against Rs 550 crore in the corresponding year-ago quarter. The net profit is inclusive of a one-time gain of Rs 202 crore from the sale of shares in HDFC Ergo General Insurance.

Profit before exceptional items and tax rose 31 per cent to Rs 889 crore, against 676 crore in the previous year. The interest spread on loans improved to 2.32 per cent in 2007-2008, from 2.18 per cent the previous year, said Mr Conrad D’souza, Senior General Manager, Treasury, HDFC.

The cost of funds increased to 8.93 per cent, against 7.49 per cent. Total income for the quarter stood at Rs 2,320 crore (Rs 1,734 crore), 34 per cent higher.

Interest income


Interest income increased to Rs 2,240 crore (Rs 1,527 crore). However, profit on sale of investments was Rs 2.54 crore, against Rs 112 crore. Total expenditure rose 35 per cent to touch Rs 1,430 crore (Rs 1,057 crore).

HDFC is currently showing a mark-to-market profit of Rs 293 crore with respect to its forex derivatives exposure, said an official with the company.

The loan portfolio as at March 31, 2008 stood at Rs 74,104 crore, 28 per cent up from Rs 57, 988 crore a year ago. Loan disbursements during the year were 26 per cent higher at Rs 32,875 crore and loan approvals were up 28 per cent at Rs 42,520 crore.

Fiscal record


HDFC’s net profit for the entire fiscal 2007-08 stood at Rs 3,373 crore, 71 per cent up from Rs 1, 967 crore in the previous year. The corporation’s capital adequacy ratio stood at 16.8 per cent.

Mr D’Souza said he expected HDFC to sustain a 25 per cent growth in loans. HDFC’s scrip ended at Rs 2,804.80 on the BSE, 2.66 per cent lower than the previous close at Rs 2,881.45.

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