A shareholder offers a flower to HDFC chairman Deepak Parekh (right) during the company’s AGM in Mumbai on Wednesday. (PTI)

Mumbai, July 14: Housing Development Finance Corporation Ltd (HDFC) today reported a 23 per cent growth in net profit at Rs 694.59 crore for the quarter ended June against Rs 564.92 crore a year ago, lower than analysts’ estimate of around Rs 710 crore.

The topline, too, came under pressure with total income declining to Rs 2,801.95 crore from Rs 2,849.07 crore.

Shares of HDFC closed at Rs 3,076.85, up 0.4 per cent after rallying as much as 2.6 per cent earlier in the day prior to the results.

During the quarter, profit on sale of investments was nil compared with Rs 51.31 crore a year ago.

As on June 30, 2010, HDFC’s total assets stood at Rs 1,16,111 crore against Rs 97,479 crore in the year-ago period — an increase of 19 per cent.

The loan book stood at Rs 1,01,625 crore compared with Rs 87,046 crore as on June 30, 2009. The spread on loans over the cost of borrowings for the quarter ended June 30 stood at 2.34 per cent compared with 2.31 per cent for the year ended March 31, 2010.

Individual business for the quarter ended June was robust with individual approvals growing 56 per cent and disbursements growing 62 per cent over the corresponding quarter in the previous year. The high growth rates, HDFC said, are also partly because of a lower base in the previous year.

Gross non-performing loans during the period stood at Rs 905.03 crore. This, it said, was equivalent to 0.89 per cent of the loan portfolio. According to the company, this was the twenty-second consecutive quarter at the end of which the non-performing loans have been lower than the year-ago quarter.