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HDFC Q4 net profit up 16%

Mumbai, May 7: Housing Development Finance Corporation Ltd (HDFC) has recorded a 16 per cent growth in net profit to Rs 239.19 crore for the quarter ended March 31, 2003 as against Rs 206.45 crore in the same period previous year. Income increased to Rs 789.17 crore (Rs 722.63 crore).

The companyís net profit in the last fiscal was also up by 19.01 per cent rise to Rs 690.29 crore compared with Rs 580.01 crore in the previous fiscal. Income rose to Rs 2,975.62 crore from Rs 2,700.15 crore in the previous year.

The board has recommended a dividend of Rs 11 per share, HDFC said in a release today.

On a consolidated basis, the company posted a net profit of Rs 747.48 crore (Rs 626.73 crore) in 2002-03. The income from operations also rose to Rs 3,088.77 crore (Rs 2,812.93 crore). Approvals aggregated Rs 11,731.57 crore (Rs 9,041.25 crore), an increase of 30 per cent.

HDFC said it has signed a pact with HDFC Bank wherein the bank would source housing loans for HDFC. The corporation would provide credit, legal and technical appraisal assistance. The arrangement is expected to enhance HDFC groupís presence in the growing residential mortgage market by tapping the bankís extensive network and customer base.

HDFC Bank would be paid a sourcing fee and HDFC would retain a fee of 1.5 per cent per annum towards administration and servicing of the loans, it said.

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