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HDFC net up 22% in first quarter

Mumbai, July 18: HDFC Ltd today reported a 22 per cent increase in net profits for the first quarter ended June 30 of the current fiscal at Rs 167.76 crore compared with Rs 137.30 crore in the corresponding previous quarter.

Profit before tax at Rs 205.20 crore was up 24 per cent compared with Rs 165.83 crore last fiscal. As on June 30 this year, total assets of HDFC stood at Rs 26,782.69 crore against Rs 22,488.79 crore on June 30 last year, up by 19 per cent.

On the Bombay Stock Exchange today HDFC shares gained Rs 3.65 to Rs 404.30, acknowledging the strong performance of the housing finance major.

Loan approvals during the quarter amounted to Rs 2,731 crore against Rs 2,105 crore in the corresponding period last year, representing a growth of 30 per cent. Loan disbursements amounted to Rs 2,092 crore, up 30 per cent against Rs 1,607 crore last year.

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