HDFC Q2 net up 19% at Rs 1,151 cr

Standalone net profit for the fiscal second quarter was 11.51 billion rupees compared with 9.71 billion rupees a year ago

Mortgage firm HDFC today reported 19% increase in net profit at Rs 1,151.12 crore for the second quarter ended September 30.

Housing Development Finance Corporation (HDFC) had posted net profit of Rs 970.70 crore for the July-September quarter of the previous fiscal.

The company's total income on standalone basis increased to Rs 5,277.2 crore during the September quarter from Rs 4,169.14 crore in the corresponding period last fiscal.

During the first half of 2012-13, the company clocked 19% rise in net profit to Rs 2,153.03 crore, compared to Rs 1,815.23 crore in the same period a year ago.

The total assets of HDFC rose by 20% at Rs 1,80,637 crore at the end of September 30, 2012, as against 1,50,045 crore at the end of second quarter last fiscal.

Gross non-performing loans declined to 0.77% of the loan portfolio, as compared to 0.82% in September 30, 2011, HDFC said in a statement.

On consolidated basis, HDFC reported 21% increase in profit after tax to Rs 2,850.76 crore for the first half of this fiscal, compared to Rs 2,348.39 crore in the same period of the previous fiscal.

The spread on loans over the cost of borrowings for the half-year ended September 30, 2012 stood at 2.27%. Net Interest Margin (NIM) was 4.2% at the end of September 30, 2012.

HDFC's capital adequacy ratio stood at 16.7% of the risk weighted assets, as against the minimum requirement of 12%.