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HDFC records 19% growth at net level - Views on News from Equitymaster
 
 
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  • Jan 11, 2000

    HDFC records 19% growth at net level

    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.

    Repayments
    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.

    Deposits
    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.

     

     

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