During the nine months of the financial year, HDFC reported a profit after tax amounting to Rs. 2,678 m as compared to Rs 2,251 m during the corresponding period in the previous year - an increase of 19%. This is after providing Rs 421 m for taxation (previous year – Rs 429 m). This was announced in a press release issued by the company after its Board Meeting held on January 11th, 2000.
During the nine month period, the total assets of HDFC rose to Rs 141 bn (Rs 116 bn as at December 31, 1998). The housing portfolio (including loans outstanding, investments in preference shares and debentures for financing housing related projects reflected under investments) as at December 31, 1999 amounted to Rs. 101 bn (Rs. 82 bn as at December 31, 1998) an increase of 25%.
Special millennium dividend
A one-time Special Millennium (Interim) Dividend of 100% (Rs.10 per equity share) was approved by the Board on January 3, 2000. The dividend will be payable to shareholders of the corporation as on the record date, which is February 15, 2000.
Approvals and Disbursements
Loan approvals during the nine month period ending December 31, 1999, amounted to Rs 36 bn, representing an increase of 27% over the corresponding period in the previous year. Loan disbursements during this period amounted to Rs 29 bn representing an increase of 30% over the same period in the previous year.
Retail loan growth during the first nine months continued to be robust as a result of increased affordability due to falling property prices and lower interest rates as also the tax incentives provided to the retail customer in the last budget. Approvals and disbursements in respect of individual loans were higher by 41% and 40% respectively as compared to the corresponding period in the previous year.
The gross non performing loans of the Corporation as of December 31, 1999 aggregated to 1.19% of the housing portfolio. The company has fully provided for all non performing assets.
As at December 31, 1999, HDFC’s deposit base stood at Rs 59 bn, an increase from Rs 52 bn in December 1998. The company's total number of deposit accounts exceed a million.
LEGAL DISCLAIMER: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA or Canada, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.
Equitymaster Agora Research Private Limited. 103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India. Telephone: +91-22-61434055. Fax: +91-22-22028550. Email: email@example.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407