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HDFC net rises 24% in Q2

HDFC Ltd reported a 24 per cent growth in net profit at Rs 664 crore in the second quarter of 2009-10, over Rs 534 crore in the corresponding quarter last year.

Increase in loan disbursements, reduction in cost of funds, and lower non-performing loans helped HDFC post better profits, said a company official.

The interest spread on loans for the quarter was marginally higher at 2.2 per cent compared with 2.19 per cent in the preceding quarter. However, it was marginally lower from 2.24 per cent in the corresponding quarter last year.

The cost of funds has come down on an incremental basis to 9.07 per cent for the six-month period ending September 30 from 9.4 per cent in the year ago period.

Income from operations increased to Rs 2,783.54 crore from Rs 2,592.54 crore.

The composition of the total loan portfolio has seen a change with retail loans now constituting 66 per cent of the total portfolio, down from 70 per cent, according to Mr Keki Mistry, Vice-Chairman and Managing Director, HDFC. The corporate portfolio is now at 34 per cent. The share of commercial real estate has remained stable at 10 per cent.
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