Home loan major Housing Development Finance Corporation Ltd has posted a 22 per cent rise in its net profit at Rs 204.62 crore (Rs 2.05 billion) for the first quarter ended June 30, 2004 as against Rs 167.76 crore (Rs 1.68 billion) in Q1 of 2003-04.
The total income for the reporting quarter rose to Rs 763.08 crore (Rs 7.63 billion) from Rs 727.62 crore (Rs 7.28 billion) in April-June 2003.
The total asset base grow by 26 per cent at Rs 33,748.92 crore (Rs 337.49 billion) as on June 30, 2004 as against Rs 26,782.69 crore (Rs 267.83 billion) as on June 30, 2003, HDFC chairman Deepak Parikh said in a release on Monday.
It approved loans worth Rs 3,566.79 crore (Rs 35.67 billion) in the reporting quarter as against Rs 2,731.43 crore (Rs 27.31 billion) in Q1 of 2003-04. The disbursement stood at Rs 2,690.45 crore (Rs 26.90 billion).
The tax incentives, stable property prices and increased income levels continue to make housing more affordable. The retail growth continued to be robust due to increased network of offices and intensified marketing efforts, he said.