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HDFC
bottom line up 25% , declares dividend of Rs 22
May 10, 2007:HDFC has recorded
a rise of 25 per cent in net profit at Rs 1570.38
crore for the year ended 2006-07, compared with
Rs 1257.3 crore for last year.
While the company has recommended a dividend
of Rs 22 a share, its fully diluted earnings per
share improved to Rs 58.25 in 2007, compared with
Rs 48.44 a year earlier.
Keki Mistry, managing director, HDFC, said that
he did not see the interest rates going up for
the next six months as inflation was under check
and several measures have already been taken.
The company’s interest income for the year
grew by 40 per cent at Rs 5,314.03 crore compared
with Rs 3,786.32 crore last year . The total income
included interest income, other operating income,
fees and other charges. Other income, primarily
on fee-based business, stood at a total of Rs
5,896.26 crore, a growth of 37.8 per cent over
Rs 4,278.38 crore in the previous year.
Total expenditure shot up to Rs 3,911 crore against
Rs 2,491 crore last year. Major part of the expenditure
consisted of interest and other charges which
stood higher at Rs 3,666 crore. Incidentally,
a major increase in interest charges was seen
in the fourth quarter of the financial year, reflecting
the dependence of the company on market borrowings
for lending operations and considerable hike in
the market borrowing rates.
The yield on loans for 2007 is 9.67 per cent
compared with 8.66 per cent in 2006. The cost
of funds increased to 7.49 per cent for 2007 compared
with 6.5 per cent in 2006. Conrad D’Souza,
senior general manager for treasury at HDFC, said,
“We have maintained our spread at 2.18 per
cent despite volatile conditions as a result of
prudency in avoiding interest rate and maturity
mismatches.”
The non performing loans (90 days overdue ) fell
by 0.04 per cent at 0.92 in FY2007 compared with
0.96 in FY2006.
For the last quarter of 2007, the sanctions
stood at Rs 10, 666 compared with Rs 7,857 crore
in the corresponding quarter of 2006, and loan
disbursements stood at Rs 8,713 crore compared
with Rs 6,874 crore for the same quarter last
year.
Source: business-standard
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