HDFC Announced Financial Results for Period April 2010 to March 2011
OREANDA-NEWS. May 11, 2011. The Board of Directors of Housing Development Finance Corporation Limited (HDFC) approved the thirty-fourth annual accounts of the Corporation for the year ended March 31, 2011 at its meeting held on Tuesday, May 10,
FINANCIAL RESULTS
Financials for the year ended March 31, 2011
For the year ended March 31, 2011, HDFC's Net Operating Income (inclusive of profit on sale of investments) was 5,318.13 crores as against 4,297.75 crores in the previous year - an increase of 24%.
HDFC reported a profit before tax of 4,866.96 crores as compared to 3,915.99 crores for the previous year - an increase of 24%.
After providing 1,332 crores for taxes, the profit after tax for the year ended March 31, 2011 increased by 25% to 3,534.96 crores as compared with 2,826.49 crores in the previous year.
Dividend
The Board of Directors recommend payment of dividend for the year ended March 31, 2011 of 9 per equity share of face value of 2 each as against 36 per equity share of face value of 10 each in the previous year ( 7.2 per equity share of face value of 2 each).
Financials for the quarter ended March 31, 2011
For the quarter ended March 31, 2011, the Net Operating Income (inclusive of profit on sale of investments) stood at 1,654.90 crores as against 1,339.78 crores in the corresponding quarter of the previous year - an increase of 24%.
HDFC's profit before tax stood at 1,553.95 crores as against 1,265.88 crores in the corresponding quarter of the previous year - an increase of 23%.
After providing 412 crores for taxes, the profit after tax for the quarter ended March 31, 2011 increased by 23% to 1,141.95 crores as against 926.38 crores in the corresponding quarter last year.
TOTAL ASSETS
As at March 31, 2011, the total assets of HDFC stood at 1,32,727 crores as against 1,11,763 crores as at March 31, 2010 - an increase of 19%.
Loan Book
As at March 31, 2011, the loan book stood at 1,17,127 crores as against 97,967 crores in the previous year - an increase of 20%. During the year, the Corporation sold loans amounting to 4,379 crores. The growth in the loan book would have been 24% had the Corporation not sold any loans during the year.
The spread on loans over the cost of borrowings for the year stood at 2.33% as against 2.31% in the previous year.
Investments
As at March 31, 2011, the unrealised gains on HDFC's listed investments amounted to 21,392 crores (previous year 16,668 crores). This excludes the appreciation in the value of the unlisted investments.
LENDING OPERATIONS
Approvals and Disbursements
Loan approvals during the year were 75,185 crores as compared to 60,611 crores in the previous year, representing a growth of 24%. Loan disbursements during the year were 60,314 crores as against 50,413 crores in the previous year, representing a growth of 20%.
Cumulative loan approvals and disbursements as at March 31, 2011 were 3,73,246 crores and 3,02,533 crores respectively. This is in respect of approximately 3.8 million housing units.
The demand for individual home loans continued to be robust, despite rising interest rates. Other enabling factors included rising disposable incomes and continued fiscal incentives on housing loans. During the year, individual approvals grew at 25% and disbursements grew by 27% as compared to the previous year. The average size of individual loans stood at 18.6 lakhs.
Gross non-performing loans as at March 31, 2011 amounted to 903.85 crores. This is equivalent to 0.77% of the portfolio (as against 0.79% in the previous year). This is the twenty-fifth consecutive quarter end at which the percentage of non-performing loans have been lower than the corresponding quarter in the previous year.
Based on a six months overdue basis, the non-performing loans as at March 31, 2011 stood at 0.46% of the loan portfolio as against 0.53% in the previous year.
In terms of the prudential norms as stipulated by the National Housing Bank, the Corporation is required to carry a provision of 813.53 crores, which includes the provisioning of 446.54 crores on standard assets in respect of housing loans granted under the Dual Rate Home Loan scheme.
The balance in the provision for contingencies account as at March 31, 2011 stood at 1,124.37 crores, which is equivalent to 0.95% of the portfolio. Thus as at March 31, 2011, the Corporation's net non-performing loans was nil.
As at March 31, 2011, outstanding deposits stood at 24,625 crores. CRISIL and ICRA have for the sixteenth consecutive year reaffirmed "AAA" rating for HDFC's deposits.
During the year, loans drawn from commercial banks and the National Housing Bank amounted to 32,753 crores.
HDFC raised 13,865 crores through private placement of non-convertible debentures (NCDs) during the year under review. The NCDs were "AAA" rated by both CRISIL and ICRA. During the year, HDFC also raised 1,000 crores through the issue of long-term Unsecured Redeemable Non-Convertible Subordinated Debentures.
HDFC's capital adequacy ratio stood at 14% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital adequacy was 12.2% against a minimum requirement of 6%.
For the year ended March 31, 2011, the cost to income ratio stood at 7.7% as compared to 7.9% in the previous year.
CONSOLIDATED FINANCIAL RESULTS
In terms of the consolidated financial accounts, the profit after tax for the year ended March 31, 2011 stood at 4,528.41crores as against 3,240.98 crores - an increase of 40%.
REVIEW OF KEY SUBSIDIARY COMPANIES
HDFC Standard Life Insurance Company Limited (HDFC Life)
Gross premium income of HDFC Life for the year ended March 31, 2011 stood at 9,004 crores as compared to 7,005 crores in the previous year a growth of 29%. The sum assured in force for the current year was 98,918 crores as compared to 72,610 crores in the previous year.
HDFC Asset Management Company Limited (HDFC-AMC)
As at March 31, 2011, HDFC-AMC managed 36 debt, equity and exchange traded fund schemes of HDFC Mutual Fund. During the year, the average assets under management stood at 95,950 crores (which is inclusive of average assets under discretionary portfolio management/advisory services).
For the year ended March 31, 2011, HDFC-AMC reported a profit after tax of 242.18 crores as against 208.37 crores in the previous year.
HDFC ERGO General Insurance Company Limited (HDFC-ERGO)
HDFC-ERGO offers a complete range of insurance products like motor, health, travel, home and personal accident in the retail segment and customised products like property, marine, aviation and liability insurance in the corporate segment.
HDFC-ERGO recorded a growth of 40% during the year, with a Gross Written Premium (including cessions from the motor pool) of 1,408 crores as against 1,005 crores in the previous year.
HDFC's distribution network spans 289 outlets which include 71 offices of HDFC's distribution company, HDFC Sales Private Limited (HSPL). In addition, HDFC covers over 90 locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and third party direct selling associates.
To cater to non-resident Indians, HDFC has an office in
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