Country's largest private sector lender, Housing Development Finance Corporation (HDFC) recorded growth in net profit by 17 per cent in the fourth quarter which ended on March 31, 2013. The net profit was aided by strong demand for loans from individual customers.
In the fourth quarter, HDFC posted a net profit of Rs 1555 crore against Rs 1326 in the corresponding quarter of the previous year.
Income from the operations increased by 16 per cent to Rs 5561 crore.
About 81 per cent of the incremental growth in the loan book during the year came from individual loans, the company said. "Most of the loan growth came from tier-II and tier-III cities and the periphery of metro cities," Mr. Keki Mistry, Vice-Chairman and CEO of HDFC said.
For the financial year ending on March 31, 2013, HDFC's net profit grew 18 per cent to Rs 4,848 crore on total income of Rs 21,113 crore.
In FY13, the loan book grew 21 per cent to Rs 1,70,046 crore against Rs 1,40,875 crore in the previous year.
The average size of individual loans at HDFC was Rs 21.6 lakh in FY2012-13 as compared to Rs 19.5 lakh in the previous year.
Individual loan approvals and disbursements grew by 29 per cent and 33 per cent respectively during the year.