Housing Development Finance Corporation Limited
NSE Symbol HDFC
HDFC has declared results – for Qtr1 ending June.2012. The results are analyzed below :
FINANCIAL RESULTS
FOR THE QUARTER ENDED JUNE 30, 2011
Ø For the quarter ended June 30, 2011, HDFC reported a profit before tax of Rs.1,175.53 crores as compared to Rs. 966.59 crores in the corresponding quarter of the previous year – an increase of 22%.
Ø After providing Rs. 331 crores for taxes, the profit after tax for the quarter ended June 30, 2011 amounted to Rs. 844.53 crores as compared to Rs. 694.59 crores in the corresponding quarter of the previous year – an increase of 22%.
Ø Basic EPS On a Face Value of Rs.2/- is Rs.5.75 in Q1 FY 12; as against Rs.7.76 in Q4 FY 11; Rs.6.09 in Q3 FY 11; Rs.5.53 in Q2 FY 11 and Rs.6.003( or 24.02 / 4 = 6.003) in Q1 FY 11.
Ø TOTAL ASSETS
Ø As at June 30, 2011, the total assets of HDFC stood at Rs.141,589 crores as against Rs.1,16,111 crores as at June 30, 2010 – an increase of 22%.
Ø Loan Book
Ø As at June 30, 2011, the loan book stood at Rs.124,168 crores as against Rs.1,01,625 crores as at June 30, 2010 – an increase of 22%. Loans sold during the preceding 12 months amounted to Rs. 3,123 crores. The growth in the loan book inclusive of these loans is 25%.
Ø The spread on loans over the cost of borrowings for the quarter ended June 30, 2011 stood at 2.30%.
Ø Investments
Ø As at June 30, 2011, the unrealised gains on HDFC’s listed investments amounted to Rs.23,206 crores (previous year Rs. 16,775 crores). This excludes the appreciation in the value of unlisted investments.
Ø LENDING OPERATIONS
Ø For the quarter ended June 30, 2011, loan approvals grew by 22% and loan disbursements grew by 20% as compared to the corresponding quarter in the previous year.
Ø Non-Performing Loans
Ø Gross non-performing loans as at June 30, 2011 amounted to Rs.1,038.15 crores. This is equivalent to 0.83% of the loan portfolio (previous year – 0.89%) This is the twenty-sixth consecutive quarter end at which the percentage of non-performing loans have been lower than the corresponding quarter in the previous year.
Ø Based on a six months overdue basis, the non-performing loans as at June 30, 2011 stood at 0.55% of the loan portfolio as against 0.54% in the previous year.
Ø In terms of the prudential norms as stipulated by the National Housing Bank, the Corporation is required to carry a provision of Rs. 839.66 crores, which includes the provisioning of Rs.450.76 crores on standard assets in respect of housing loans granted under the Dual Rate Home Loan Scheme.
Ø The balance in the provision for contingencies account as at June 30, 2011 stood at Rs.1,172.68 crores, which is equivalent to 0.94% of the portfolio. Thus as at June 30, 2011, the Corporation’s net non-performing loans was nil.
Ø RESOURCES
Ø As at June 30, 2011, deposits stood at Rs.30,500 crores as against Rs. 23,906 crores on the corresponding date last year, registering a growth of 28%. HDFC’s deposits carry a “AAA” rating from both, CRISIL and ICRA.
Ø During the first quarter of the current financial year, loans drawn from commercial banks and the National Housing Bank amounted to Rs.14,383 crores.
Ø HDFC raised Rs.7,197 crores through private placements of non-convertible debentures (NCDs) during the quarter ended June 30, 2011. The NCDs were “AAA” rated by both, CRISIL and ICRA.
Ø CAPITAL ADEQUACY RATIO
Ø HDFC’s capital adequacy ratio stood at 13.8% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital was 12.2% against a minimum requirement of 6%.
Ø DISTRIBUTION NETWORK
Ø HDFC’s distribution network spans 294 outlets that include 76 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). In addition, HDFC covers over 90 locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and other third party direct selling associates.
Ø To cater to non-resident Indians, HDFC has offices in London, Dubai and Singapore and service associates in Kuwait, Oman, Qatar, Sharjah, Abu Dhabi and Saudi Arabia – Al Khobar, Jeddah and Riyadh.
The other details of the results are in the Table below :
STAND ALONE QTRLY RESULTS TABLE:
HDFC | Q1FY12 | Q4FY11 | Q3FY11 | Q2FY11 | Q1FY11 |
Net Sales | 380067 | 364056 | 314895 | 290655 | 279713 |
Employees Cost | 5276 | 3837 | 4505 | 4696 | 4515 |
Depreciation | 446 | 523 | 555 | 441 | 401 |
Other Expenditure | 7392 | 5735 | 6472 | 6776 | 6661 |
Total Expenditure | 13114 | 10095 | 11532 | 11913 | 11577 |
Profit from Operations | 366953 | 353961 | 303363 | 278742 | 268136 |
Other Income | 2093 | 14430 | 17209 | 6367 | 482 |
Interest | 251493 | 212996 | 199284 | 171755 | 171959 |
Profit before tax | 117553 | 155395 | 121288 | 113354 | 96659 |
Tax expense | 33100 | 41200 | 32200 | 32600 | 27200 |
Net Profit | 84453 | 114195 | 89088 | 80754 | 69459 |
Face Value (In Rs | 2 | 2 | 2 | 2 | 10 |
Paid Up Equity | 29399 | 29337 | - | - | 29095 |
Basic EPS | 5.75 | 7.76 | 6.09 | 5.53 | 24.02 |
Diluted EPS | 5.65 | 7.6 | 5.91 | 5.45 | 23.54 |
Public holding (%) | 100 | 0 | 0 | 0 | 100 |
As can be seen from the table - Higher Interest Burden in the quarter has slightly reduced the Net Profits from preceding quarters - though, it is still higher than Q1 FY 2011.
ANNOUNCEMENTS TO NSE
10-05-2011 consolidated Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 1360552 lacs for year ending on 31-MAR-2011 against Rs. 1209306 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 452841 lacs for the year ending on 31-MAR-2011 against Rs. 324098 lacs for the year ending on 31-MAR-2010. -
10-05-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 1249319 lacs for year ending on 31-MAR-2011 against Rs. 1112888 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 353496 lacs for the year ending on 31-MAR-2011 against Rs. 282649 lacs for the year ending on 31-MAR-2010.
04-05-2011 press release dated May 04, 2011, titled "IndusInd Bank signs an MoU with HDFC Ltd. for home loans".
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HDFC bank home loan provides different techniques of expenses and applications such as the pay using other means method such as home security evaluation and business in. The financial institutions are now willing to take things such as vehicles jewelry piecies and lots to help people supplement for the financial insufficiencies.
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