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    Default HDFC net rises 18.6% in first quarter

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    The country's largest mortgage lender HDFC on Wednesday reported an 18.6 per cent rise in net profit at Rs 1,002 crore during the April-June quarter, over the year- ago period, because of healthy growth in advances.

    "Our net profit rose to Rs 1,001.9 crore for the June quarter, compared to Rs 844.53 crore in the year-ago period. Total income increased to Rs 4,942.31 crore from Rs 3,821.6 crore during the year ago quarter," HDFC Chairman Deepak S Parekh told the shareholders at the annual general meeting.

    Parekh said, "The loan book grew to Rs 1.48 trillion (Rs 1.48 lakh crore) during the quarter, up from Rs 1.24 trillion. This is excluding the ***** sold to sister concern HDFC Bank during the preceding 12 months period worth Rs 4,978 crore."

    Net interest income of the pure-play mortgage lender jumped to Rs 1,372.55 crore from Rs 1,170.86 crore, while its tax liability rose to Rs 378 crore from Rs 331 crore during the quarter.

    Income from operations rose to Rs 4,914.71 crore during the reporting quarter up from Rs 3,800.67 crore in the year ago quarter.



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