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HDFC Q1 net up 19 pc at Rs 114 cr

Our Bureau

MUMBAI, July 17

HOUSING Development Finance Corporation Ltd (HDFC) has ended the first quarter of 2001-2002 with a 19 per cent increase in net profit at Rs 114.06 crore as against Rs 95.64 crore in the year-ago period.

Income from operations moved up to Rs 633.07 crore from Rs 552.32 crore in the year-ago period.

Other income for the Q1 period was Rs 0.90 crore (Rs 0.36 crore).

Approvals during the three-month period ended June 30, 2001 aggregated to Rs 1,593.12 crore (Rs 1,205.97 crore). Disbursements increased by 31 per cent to Rs 1,225.43 crore (Rs 937.62 crore).

Approvals and disbursements in case of individual loans were higher by 39 per cent and 41 per cent respectively.

Total expenditure stood at Rs 491.81 crore (Rs 430.85 crore). Interest and other charges stood at Rs 462.36 crore (Rs 406.77 crore).

Depreciation was Rs 9 crore (Rs 10.75 crore) and provision for tax Rs 19.1 crore (Rs 15.44 crore).

During the previous year, HDFC changed its policy of accounting for brokerage to bring it in conformity with international accounting standards. The expense on account of brokerage for the first quarter of the previous year has been recomputed. This has resulted in a reduction of Rs 5.92 crore from the amount of brokerage reported for the quarter ended June 30, 2000. After adjusting Rs 1.37 crore towards tax, the net profit for the first quarter of the previous year is consequently higher by Rs 4.55 cro re.