HDFC Q2 profit up 10% at Rs 1,266 crore

Mumbai – Mortgage firm HDFC Monday reported a 10 percent increase in net profit at Rs 1,266.33 crore for the second quarter ended September 30.

The company had posted a profit of Rs 1,151 crore for the July-September quarter in the previous fiscal, Housing Development Finance Corporation (HDFC) said.

Total income on a standalone basis increased to Rs 5,945.94 crore from Rs 5,269.45 crore in the corresponding period last fiscal.

During the first half of 2013-14, the company clocked a 13.3 percent rise in net profit to Rs 2,439.43 crore from Rs 2,153.03 crore in the same period a year ago.

HDFC’s total assets rose by 17 percent to Rs 2,12,071 crore at the end of September 30, as against Rs 1,80,637 crore at the end of second quarter last fiscal.

The spread on loans over the cost of borrowings for the half year ended September 30 stood at 2.24 percent. Net interest margin (NIM) declined to 4.1 percent from 4.2 percent at the end of September 30, 2012.

Capital adequacy ratio increased to 19 percent of risk weighted assets, against the minimum requirement of 12 percent.

On a consolidated basis, HDFC reported a 26 percent increase in profit after tax to Rs 3,598.27 crore for the first half of this fiscal, compared with Rs 2,850.76 crore in the same period of the previous fiscal.

HDFC said Keshub Mahindra, vice-chairman, and Shirish B Patel, independent director, have resigned with immediate effect. Both were directors of the company since its inception.