Moneycontrol Bureau
Housing Development Finance Corporation (HDFC) matched street expectations with the third quarter net profit rising 12 percent year-on-year to Rs 1,278 crore.
According to CNBC-TV18 poll, analysts had expected net profit of Rs 1,281 crore and net interest income of Rs 1,635 crore for the quarter.
Net interest income was tad above analysts' expectations that came in at Rs 1,678 crore, growth of 13.7 percent compared to corresponding quarter of last fiscal.
In the quarter gone by, total income from operations grew nearly 15 percent to Rs 6,020 crore while total expenses rose 15 percent to Rs 4,273.2 crore compared to a year ago period. Tax expenses climbed 18.5 percent to Rs 480 crore during October-December quarter.
Loan book of the housing finance company jumped 19.5 percent on yearly basis to Rs 1,92,266 crore as of December 2013.
Net interest margin for the December quarter stood at 4 percent and spreads at 2.25 percent that both too in-line. Analysts had expected spreads to bounce back to around 2.25 percent due to easing on rates and hike in lending rates.
On consolidated basis (loans, insurance and asset management businesses), net profit of the company grew 13.4 percent year-on-year to Rs 1,934.85 crore and total income climbed 13.3 percent to Rs 10,040.86 crore in the quarter gone by.
At 13:46 hours IST, the stock rose 0.4 percent to Rs 840.70 on the BSE.
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