HDFC Q2 profit up 10%, Keshub Mahindra resigns as vice-chairman

New Delhi: Mortgage firm Housing Development Finance Corporation (HDFC) has reported a 10 per cent increase in net profit at Rs 1,266.33 crore for the second quarter ended September 30.The company had posted a profit
hdfc q2 profit up 10 keshub mahindra resigns as...
PTI October 21, 2013 16:14 IST
New Delhi: Mortgage firm Housing Development Finance Corporation (HDFC) has reported a 10 per cent increase in net profit at Rs 1,266.33 crore for the second quarter ended September 30.



The company had posted a profit of Rs 1,151 crore for the July-September quarter in the previous financial year, HDFC said.

Total income on a standalone basis increased to Rs 5,945.94 crore from Rs 5,269.45 crore in the corresponding period last financial year.

During the first half of 2013-14, the company clocked a 13.3 per cent rise in net profit to Rs 2,439.43 crore from Rs 2,153.03 crore in the same period a year ago.

HDFC's total assets rose by 17 per cent to Rs 2,12,071 crore at the end of September 30, against Rs 1,80,637 crore at the end of second quarter last financial year.

The spread on loans over the cost of borrowings for the half year ended September 30 stood at 2.24 per cent. Net interest margin (NIM) declined to 4.1 per cent from 4.2 per cent at the end of September 30, 2012.

Capital adequacy ratio increased to 19 per cent of risk weighted assets, against the minimum requirement of 12 per cent.

On a consolidated basis, HDFC reported a 26 per cent increase in profit after tax to Rs 3,598.27 crore for the first half of this fiscal, compared with Rs 2,850.76 crore in the same period of the previous financial year.

HDFC said Keshub Mahindra, vice-chairman, and Shirish B Patel, independent director, have resigned with immediate effect. Both were directors of the company since its inception.
Related Tags: HDFC
 
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