HDFC records 40% jump in Q4 net

Mumbai, April 30 The nett net income of the Housing Development Finance Corporation Limited (HDFC) for the one-fourth ended March 31, 2008 increased by 40% to Rs 768.12 crore as against Rs 550.05 crore in the corresponding one-fourth last year.

The lodging finance major which announced its consequences on Wednesday reported a nett net income of which increased by 55% to Rs. 2,436.25 crore in 2007-08 as compared with Rs 1,570.38 crore in the former year.

HDFC's board of managers urge payment Rs 25 (per share) of dividend for the twelvemonth ended March 31, 2008 of as against Rs 22 per share in the former year.

This net income before taxation for 2007-08 is inclusive of net income on sale of a portion of the Corporation's investing in its subsidiaries, HDFC Standard Life Insurance Company Limited, HDFC ERGO General Insurance Company Limited and the full sale of its retentions in its associate company, Intelenet Global Services Private Limited amounting to Rs 636.26 crore.

Konrad D'Souza, senior full general director (treasury), HDFC said, "In the last fiscal, we recorded net income worth Rs 293 crore through derived functions trading."

He said HDFC is expecting a 25% growing in loan expenses in the current fiscal. "The existent estate lag witnessed in certain pockets in tellurium state have not affected our business," said D'Souza.

HDFC's spreading on loans over the cost of adoptions for the twelvemonth stood at 2.32% arsenic against 2.18% inch the former year.

The loan portfolio of the company stood at Rs 74,104 crore as against Rs 57,988 crore in the former year, showing an addition of 28% and income from trading operations for the twelvemonth stood at Rs 8,036.42 crore against Rs 5,458.98 crore a twelvemonth ago. Loan expenses during the twelvemonth were Rs 32,875 crore as against Rs 26,178 crore in the former year, representing a growing of 26%.

Meanwhile, gross non-performing loans as on March 31, 2008 amounted to Rs 621.01 crore, which is like to 0.84% of the portfolio as against 0.92%, former year. HDFC's working capital adequateness ratio stood astatine 16.8% at the twelvemonth end.