HDFC Home Loans in Demand Inspite of Higher Interest Rates
The HDFC home loan sector had earned a profit of Rs 844.53 crore during the first quarter that ended in June 2011 which was quiet high in comparison to the figures of previous year amounting to Rs 694.59 crore. These figures of profit were attained when the interest rates were quiet high and the demands for home loans were consecutively high.
While income from operations rose to Rs 3,800.67 crore from Rs 2,797.13 crore, HDFC’s loan book stood at Rs 124,168 crore as against Rs 1, 01,625 crores as at June 30, 2010, an increase by 22%. The loans put on the market previous year were worth Rs 3,123 crore. The profit from the loans was recorded at 25%.
The bank held possessions worth Rs 141,589 crore till 30 June, 2011. Last year, the possessions worth Rs 1, 16,111 crore were with the bank. The unrealized gains on HDFC’s listed investments amounted to Rs 23,206 crores (previous year Rs 16,775 crores). This excludes the appreciation in the value of unlisted investments.
As per the Chairman of HDFC, Deepak Parekh, “The average size of new individual home loan granted during the year stood at Rs 18.6 lakh”. The share prices of the bank on the stock exchange were rated at 1.49 % lower at Rs 711.95.
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