The Housing Development Finance Corporation (HDFC) today reported a 22 per cent increase in its net profit to Rs 167.76 crore for the first quarter ended June 30, 2003.
Loan approvals grew 30 per cent in the quarter amounting to Rs 2,731 crore (Rs 2,105 crore in the same quarter last year). Disbursements, too, increased 30 per cent to Rs 2,092 crore (Rs 1,607 crore).
Approvals and disbursements in respect of individual loans increased 35 and 34 per cent respectively during the quarter.
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HDFC attributed the low interest rate regime, tax incentives, stable property prices and increased income levels to the robust growth in its retail portfolio.
On the Bombay Stock Exchange (BSE), the HDFC share price gained from Rs 403 in the morning to the day