The country’s largest home loan company, Housing Development Finance Corporation (HDFC), has announced its fourth quarter financial results for the fiscal year 2009-10 and has posted a 26% rise in net profit.
The Bank has produced a net profit of Rs 926.38 crore for the quarter that ended on 31st March, 2010. This net profit figure was at Rs 733.37 crore for the same quarter in the preceding year.
Housing Development Finance Corporation (HDFC), on Monday announced its fourth quarter results. It has seen its net profit rise from Rs 733.37 crore during last year to touch Rs. 926.38 crore. This means a growth of 26.33 per cent year-on-year.
The home loan lender saw its net interest income increase to Rs 1,287 crore as against Rs 1,081 crore, during lasrt year. On the income front, it saw the total income decline from Rs. 3, 152.44 crore to Rs. 2,899.32 crore, a decline of 8.02 per cent.
Technical analyst Mitesh Thacker is bullish on HDFC Bank and maintained 'buy' rating on the stock to achieve a medium term target.
According to Mr. Thacker, the interested investors can buy the stock around Rs 1835-1850 for 20-25% gains in 3-6 months.
Today, the shares of the bank opened at Rs 177 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 179.30 and a low of Rs 40 on BSE.
Current EPS & P/E ratio stood at 30.83 and 11.26 respectively.
Two of India's top private banks, ICICI Bank and HDFC bank have published their Q4 results.
While ICICI, the biggest private sector lender saw its best quarterly profits in the last two years, HDFC also did fairly well.
HDFC Bank saw its profits rise by 32.6 per cent, which is much higher than the market estimates.
ICICI saw an increase because of rise in fees income and also reduction in its operational costs.
For fiscal 2009-10, HDFC Bank registered a 31.3% increase in net profit, which stood at Rs 2,948.7 crore.
The country's second largest private bank said that its net revenue during the year surged 13.8% to Rs 12,194.2 crore.
"This was driven by loan growth and a core net interest margin of 4.4 percent for the quarter," the bank said.
During 2009-10, the gross non-performing assets ratio declined to 1.43% of the gross advances as compared to 1.98% during the previous fiscal.
The second largest bank of the country, HDFC bank has acquired the top position in the retail banking segment. It has replaced the ICICI Bank.
HDFC Bank has become the number one private retail bank now. According to the market experts, the recovery in demand and vigorous economic growth has propelled the bank to the number one spot. The bank has lent more car, home and two-wheeler loans to its customers.
The country’s second largest private sector lender HDFC Bank expanded its religious donation online facility today after it signed an agreement with the Shiromani Gurdwara Parbandhak Committee for offering e-collection service through its payment gateway.
HDFC Bank Country Head, Operations A. Rajan said this tie-up will enable lakhs of devotees of the Golden Temple spread across the world, to conveniently send their offerings to the holy shrine using HDFC Bank's secured net banking services thus enabling the devotees to select the specific purpose for which they want to donate.
India's largest housing finance company, HDFC has come out with a monthly deposit plan which offers a floating rate of interest for its customers. The rate of interest in the country is expected to go up in the coming months.
The scheme known as 'HDFC Systematic Savings Plan' will be first of its kind for the bank. The interest rate of the scheme will be linked to the benchmark rate and will be reviewed at the beginning of each calendar quarter.
Housing Development Finance Corporation (HDFC) has recorded a growth of 23 per cent in net profit to Rs 671.25 crore in the third quarter of the current financial year from Rs 546.83 crore in the same period last year.
India's largest mortgage finance company also recorded a strong growth in its loan disbursements. Various banks in the housing loan segment have seen a rise in business due to attractive offers.
For the first nine months of the current financial year, the bank’s loan approvals recorded a growth of 22 per cent and amounted to Rs 41,110 crore against Rs 33,820 crore in the corresponding period last year.
After being the head of India's home loan giant, Housing Development Finance Corp for a 16 year long period, Deepak Parekh will reportedly step down from his current position as the firm's CEO on December 31. His place will be taken by the current VC & MD, Keki Mistry, who will then be designated as the VC & CEO.
Mr. Parekh, who has been with HDFC for 31 years, will however, continue to act as the mortgage lender's Non-Executive Chairman. HDFC is the parent company for all HDFC group firms, including HDFC Bank.
HDFC, India's largest home loan provider, has entered a deal with SKS Microfinance for a pilot project in, under which to loans loan will be provided for improvement of dwellings primarily to low-income women clients.
The companies indicated that the project will provide loans mainly for extension and improvement of dwelling units which double up for income-generating activities like eateries, kiryana shops, and papad and agarbathi-making.
The loan is to be provided in the range of Rs 50,000-1.5 lakh for a 3 to 5 year period. SKS Microfinance will charge processing fees of 2% and interest of 21% on a monthly reducing basis.
A 32-year-old unidentified man fired four rounds at the multi-storeyed building housing HDFC Bank in Kanjurmarg on Tuesday. Lodha Group of builders owns the site where the bank is located.
“He walked into the compound and indiscriminately fired four rounds at the window panes on the bank’s ground-floor office,” said Inspector Tabaji Pawde.
“While leaving the premises, he dropped a paper with ‘Kumar Pillai’ written on it. The other floors of the bank were occupied, but there was no one on the ground-floor,” said an officer.
Two men associated with HDFC Bank have been arrested for harassing a woman, asking her to repay Rs 73,000 her former boss owed the bank.
The Bhandup police said the accused, Mohammed Riyaz and Abbas Sayyed, from September 14 repeatedly called the woman, who used to work as an accounts manager for the man who took the loan, on her cellphone and when she switched it off, they called her residence.
Housing Development Finance Corporation (HDFC) has revealed that it has clocked a decent growth of 24% in its net profit for the second quarter ended September 30, 2009.
During the latest quarter, finance major's net profit figure stood at Rs 664 crore as compared to Rs 534 crore in the corresponding period last fiscal.
The total income of the financial major has surged 8.76% to Rs 2,850 crore for the review quarter as against Rs 2,620 crore in the three month period ended September 30, 2008.
HDFC has decided to raise Rs 4301 crore through private placement of warrants and non-convertible debentures to qualified institutional buyers.
The price of each warrant has been fixed at Rs 275 and will be targeted at domestic investors, including banks, insurance and mutual funds.
According to a company official, out of proposed amount, Rs 2,000 crore represents zero coupon Non-convertible Debentures (NCDs) with a two-year term and an annualized rate of 7.15 per cent.
Polaris Software, a leading financial technology company, announced that HDFC Bank has implemented Polaris's Enterprise Business Rule Engine for its Retail Asset Lending Business comprising auto and personal loans.
The deployment will enable HDFC Bank to target customers better and manage credit risk effectively.
Polaris' Intellect Business Rule Engine is a powerful credit decision engine that enables its customers to profile and segment customers for loan products and aids cross-selling and up-selling of related asset products.
In its research report dated 10 August, 2009, Karvy Stock Broking has rated banking major HDFC Bank as underperformer. Karvy has given a price target of Rs 1100 for the stock.
Technical Expert Rakesh Kumar at Karvy informed that During the Q1FY10 quarter, HDBK's reported 7.2% (Y/Y) growth in advances; the bank continued to downsize eCBoP' s retail and SMEs credit book to the extent of almost Rs40 bn and Rs30 bn respectively. Erstwhile CBOP's Rs30 bn retail portfolio (EMI portion) would be run-off going forward.
The country's second largest private sector lender, the Housing Development Finance Corporation (HDFC) has reported a 21 per cent increase in its net profit for the first quarter of financial year 2009, indicating revival of demand across the housing segment.
India's top mortgage lender has announced its decision to raise funds worth Rs 4,000 crore, by placing debentures with institutions. It has already received approval for its shareholders for the qualified institutional placement (QIP) of non-convertible debentures with warrants, at its annual general meet.
The country's second largest private sector bank, HDFC Bank, has decided to revise interest rates from today onwards. The lender reduced its benchmark prime lending rate (BPLR) by 25 basis points to 15.75 per cent, turning the loans cheaper for customers. The bank, a week ago, had slashed interest rates on fix deposits of different maturities.
HDFC has reduced benchmark lending rate by 75 basis points during last six months. The latest move came amid reduced fund costs in recent times, due to low demand across all sectors of the economy.
Technical analyst Abhishek Jain of Stocksidea.com has suggested investors to buy HDFC Bank for short term.
Mr. Jain expects the stock to hit a target of Rs 1600.
According to Mr. Jain, the stock may face some resistance around Rs 1545 levels, but after that it can even have more upward movement.
The scrip has very strong support at Rs 1321.
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