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.

Federal Bank to touch 40-branch mark in K'taka

Federal Depository Financial Institution will open up three more than subdivisions in Mysore on March 26. With this the figure of its subdivisions in the state will touch 40. The depository financial institution will also be affecting the 600-branch grade by gap 26 subdivisions in all, by gap the subdivisions across 11 states the same day.

The depository financial institution had not been able to spread out as fast as they would have got liked to since they faced troubles while trying to ran into their duties on the precedence sector focus. The depository financial institution have also had to confront some troubles in determination the work force while trying to spread out their web in Karnataka.

Federal Depository Financial Institution had seen a concern of around Rs 42,400 crore with sedimentations of over Rs 24,500 crore and progresses of over Rs 17,900 crore.

Over the last 1 year, the depository financial institution have been very aggressive, going by its standards. It have increased its retail push, for car and lodging loans.

The depository financial institution have been able to implement CBS at all its branches. From March 1, the depository financial institution have started offering life coverage merchandises at its subdivisions through its life coverage junior varsity — IDBI Fortis Life Insurance Company. The junior varsity was signed in July, 2006 between Federal Soldier Bank, IDBI and Fortis Insurance International, a European banking and coverage conglomerate.

The bank, in January, had raised over Rs 2,100 crore through a rights issue. The working capital extract have helped heighten the sum network worth of the depository financial institution to around Rs 4,000 crore, said Degree Centigrade Phosphorus John, further full general manager, Federal Soldier Bank.