Mumbai, Maharashtra, India
The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced its results for the first quarter of the financial year 2006-2007, following its meeting on Tuesday, July 18, 2006 in Mumbai. The accounts have been subjected to limited review by the Corporation's statutory auditors in line with regulatory guidelines.
FINANCIAL RESULTS
For the quarter ended June 30, 2006, HDFC reported a profit before tax of Rs. 376.73 crore as compared to Rs. 307.64 crore in the corresponding quarter of the previous year - an increase of 22.5%.
The profit after tax for the quarter ended June 30, 2006 amounted to Rs. 296.82 crore, as compared to Rs. 247.28 crore in the corresponding quarter of the previous year - an increase of 20%.
TOTAL ASSETS
As at June 30, 2006, the total assets of HDFC stood at Rs. 53,630 crore as against Rs. 42,691 crore as at June 30, 2005 - an increase of 26%.
LENDING OPERATIONS
Approvals and Disbursements
Loan approvals during the quarter ended June 30, 2006 amounted to Rs. 5,998 crore as against Rs. 4,628 crore in the corresponding period last year, representing a growth of 30%. Loan disbursements during the quarter ended June 30, 2006 amounted to Rs. 4,386 crore, as against Rs. 3,437 crore over the corresponding period last year, representing an increase of 28%.
Housing Loan Portfolio
The loan portfolio (including loans outstanding, deposits and investments in preference shares and debentures for financing real estate related projects) as at June 30, 2006 amounted to Rs. 49,234 crore as against Rs. 39,081 crore as at June 30, 2005, representing an increase of 26%.
CAPITAL ADEQUACY RATIO
HDFC's capital adequacy ratio stood at 13.3% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital adequacy was 7.8% against a minimum requirement of 6%.
DISTRIBUTION NETWORK
HDFC's distribution network spans 223 outlets which include 37 offices of HDFC's distribution company, Home Loan Services India Private Limited (HLSIL). In addition, HDFC covers over 90 locations through its outreach programmes. HDFC's marketing efforts continue to be concentrated on developing a stronger distribution network. Home loans are also marketed through HLSIL, HDFC Bank Limited and other third party Direct Selling Agents (DSA).
To cater to non-resident Indians, HDFC has an office in Dubai and service associates in Bahrain, Kuwait, Oman, Qatar, Sharjah, Abu Dhabi, Al Khobar, Jeddah and Riyadh in Saudi Arabia.
To view the balance sheet click on the link given below :
http://businesswireindia.com/attachments/BalanceSheet_jun06(2).xls
To view the unaudited financial results click on the link below :
http://businesswireindia.com/attachments/Unaudited_FinancialResults(2).doc
Mahesh Shah, Housing Development Finance Corporation Limited, +91 (22) 2282 0282 maheshs@hdfcindia.com
Namrata Kadekar, Housing Development Finance Corporation Limited, +91 (22) 2283 6255 namratak@hdfc.com
Source: Housing Development Finance Corporation Limited (Business Wire India)
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