HDFC has posted 20% increase in Net Profit for Q2

By | September 4, 2011

A recent press report said that the net profit of Housing Development Financing Corporation (HDFC) bank has increased to 20 per cent to Rs. 971 crore for the second quarter ended September 30 of this fiscal year compared to the corresponding period of last year.

Last year HDFC bank posted a net profit of Rs. 807.54 crore during the quarter July to September, 2010 – 2011. The bank’s net income which was Rs. 2, 970.22 crore during the second quarter of last year has increased to Rs.4, 169.14 crore for the corresponding period of this fiscal year.

Housing mortgage lender HDFC’s loan book reported a worth of Rs. 1,26,992 crore for the quarter ended September 30, 2011. With this report, the shares of HDFC rose up by 0.64 per cent to Rs. 670.60 compared to the previous price.

HDFC is a pioneer and leader in housing finance in India, since origin. It has supported more than 38 Lakhs customers to own a home of their own, through cumulative housing loan approvals. HDFC offers the widest range of home loan products and services to suit the unique requirements of its customers including Home Loans for properties anywhere across India, Home Improvement Loans, Home Extension Loans and Land Purchase Loans for Housing.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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