Housing finance company HDFC has announced its results for the quarter ended December 2010. It has reported net profit at Rs 891 crore as against Rs 671.3 crore, a growh of 32.8% on year-on-year basis.
Net interest income (NII) jumped 25.6% to Rs 1,328 crore in Q3 FY11 from Rs 1,058 crore in same quarter of previous year. Numbers were better than expected. CNBC-TV18 was expecting net profit at Rs 854.2 crore and net interest income at Rs 1,216.9 crore.
Disclosing the results, Keki Mistry, Vice Chairman and CEO of the company said that net interest margins (NIMs) was at under 4% while spreads for 9-month period stood at 2.33%. The bank managed to lower its non-performing assets (NPAs) as it declined to 0.85% from 0.94%.
Its loan book grew 27%. It earned profit of Rs 167 crore from sale of investment as against Rs 51 crore. “HDFC’s unrealised profit on listed investments stood at Rs 21,695 crore and it made excess provision of Rs 300 crore on the book,” Mistry informed.
HDFC’s tier I capital stood at 13%, tier II capital at 1.1% and capital adequacy was at 14.1%.
Going forward, Mistry is expecting loan book growth of 20-15% for the year.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
No comments:
Post a Comment