HDFC’s profit rises 23% in Q1

Jul 15, 2010 |

Correspondent

Mumbai, July 14: HDFC reported a net profit of Rs 694.6 crore for the quarter ended June 2010, an increase of 23 per cent over the previous year.

The increase in profits corresponds with the 23 per cent increase in the company’s total loan book, which stood at Rs 1.01 lakh crore at the end of the quarter.

In a sign of a pick up in the economy and the realty market, the loan approvals and disbursements by the firm increased at a much higher 56 per cent and 62 per cent respectively.

HDFC also has a large portfolio of investments, the biggest of which is HDFC Bank.

The total unrealized profit from these investments stood at Rs 16,775 crore at the end of the quarter, the company says.

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