HDFC profit rises by 15 %- Q1 results bring cheers
The realty market is picking up after the change of the government in the center and that is evident in the financial balance sheet of HDFC Ltd. The Housing Development Finance Corporation (HDFC) on Monday reported a net profit of Rs 1,344.66 crore, up by 14.62 % year-on-year (Y-O-Y), for the quarter ending June 30, 2014. It also made a special reserve on deferred tax liability of Rs. 74.44 crore.
Excluding the impact of this liability, net profit came to Rs 1,419 crore, a growth of 21 % Y-O-Y. On a consolidated basis, net profit for the quarter increased by 9.71 % Y-O-Y to Rs 1,872.90 crore. Net interest income (NII) stood at Rs 1,812.98 crore; up by 15 % Y-O-Y, and net interest margins for the quarter was 3.8 %.
Total income grew by 16.01 % Y-O-Y to Rs 6,446.80 crore. Profit on sale of investments during the quarter was Rs 89 lakh and the unrealised gains on listed investments amounted to Rs 43,431 crore. The same was Rs 33,270 crore in the same period last year and this more than 10 Crore of gain in the unrealised gains on listed investments is going to be very beneficial for the company.
As at June 30, 2014, the loan book of the lender stood at Rs 2.03 lakh crore as against Rs 1.77 lakh crore in the previous year.
Source- The Financial Express
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