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HDFC Q1 net jumps 22% to Rs 204.6 cr

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Our Banking Bureau Mumbai
Home finance major Housing Development Finance Corporation Ltd (HDFC) today announced a 22 per cent jump in its first-quarter net profit at Rs 204.62 crore, up from Rs 167.76 crore in the corresponding quarter of the preceding fiscal.
 
Loan approvals during the quarter, which ended on June 30, 2004, shot up 31 per cent to Rs 3,566.79 crore from Rs 2,731.43 crore, while disbursals increased by 29 per cent to Rs 2,690.45 crore from Rs 2,091.82 crore.
 
The company provided 15 per cent more for taxes at Rs 43.07 crore compared with Rs 37.44 crore in the year-ago quarter.
 
HDFC's asset base grew 26 per cent to Rs 33,748.92 crore from Rs 26,782.69 crore, while its loan book (loans outstanding, deposits and investments in preference shares and debentures for financing real-estate projects) swelled 27 per cent to Rs 30,246 crore from Rs 23,778 crore.
 
The company drew loans worth Rs 2,833 crore from commercial banks. It also raised Rs 900 crore through private placement of non-convertible debentures and took Rs 250 crore in refinance from National Housing Bank.
 
It also raised a seven-year subordinated debt worth Rs 400 crore "" the first instance of raising money through such instrument by the corporation.
 
As on June 30, 2004, HDFC's capital adequacy ratio stood at 14.7 per cent against the stipulated 12 per cent.

 
 

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First Published: Jul 20 2004 | 12:00 AM IST

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