HDFC Q1 Net Profit Net Up 20%
Housing Development Finance Corp (HDFC) has seen its net profit for the quarter ended June 30 increase over 20% to Rs.565 crore, as compared to Rs.468 crore in the corresponding period last fiscal.
The company's total income increased 22.8% to Rs.2,849 crore from Rs.2,318 crore, it said in a regulatory statement.
Its loan approvals during the quarter amounted to Rs.12,259 crore, as compared to Rs.9,996 crore in the corresponding period last year, representing a growth of 23%. Loan disbursements grew 21% in the quarter to Rs.8,688 crore as compared to Rs.7,204 crore in the year-ago period.
HDFC has also announced slashing of home loan rates by 50 basis points. It will now charge an interest rate of 8.75% on home loans up to Rs.15 lakh and 9% on loans between Rs.15 lakh and Rs.30 lakh.
HDFC earlier charged a rate of 9.25 % on all loans up to Rs.30 lakh.