HDFC Q2 FY 2011-12 net profits spurted by 20.3% to Rs.971 crore from Rs.808 crore a year ago. The country’s largest mortgage lender reported a 38% growth in its revenues to Rs.7877 crore, backed by rising aspiration of the middle-class population to buy home on loan.
Moreover, amid rising interest rate scenario, HDFC has logged a smart rise in its earnings and loan book size which increased by 20% to Rs.1.27 trillion as of second quarter of the fiscal. RBI has raised key benchmark lending rates for almost a dozen times in last one and half year.
HDFC Vice chairman and MD Keki Mistry has been quoted as:
“Low housing penetration and demand from middle-income consumers with improved salaries aspiring to own a house helped the lender buck the trend and clock strong loan growth.”
Market analysts had estimated a net profit of around Rs.950 crore for the second quarter of FY 2011-12 for HDFC Ltd. However, he profits were trifle above markets estimates at Rs.971 crore on better growth of its loan book which grew to Rs.126992 crore as on Sept 30.