Financial Results for the Half Year Ended September 30, 2012

Mumbai, Maharashtra, India, Monday, October 22, 2012 -- (Business Wire India) 
Performance Highlights 
-- 19% increase in the standalone profit after tax for the quarter ended
September 30, 2012 to ` 1,151.12 crores 
-- 19% increase in the standalone profit after tax to ` 2,153.03 crores for the
half year ended September 30, 2012  
-- 31% growth in the individual loan book (inclusive of loans sold in the
preceding 12 months)  
-- Gross non-performing loans stood at 0.77% of the loan portfolio as at
September 30, 2012 compared to 0.82% as at September 30, 2011 
-- 21% increase in the consolidated profit after tax to ` 2,850.76 crores for
the half year ended September 30, 2012  
The Board of Directors of Housing Development Finance Corporation Limited (HDFC)
announced its unaudited standalone and consolidated financial results for the
first half of the financial year 2012-13, following its meeting on Monday,
October 22, 2012 in Mumbai. The accounts have been subject to a limited review
by the Corporation's statutory auditors in line with regulatory guidelines. 
STANDALONE FINANCIAL RESULTS 
Financials for the quarter ended September 30, 2012 
For the quarter ended September 30, 2012, HDFC reported a profit after tax of `
1,151.12 crores as compared to ` 970.70 crores in the corresponding quarter of
the previous year – an increase of 19%.  
Financials for the half year ended September 30, 2012 
For the six months ended September 30, 2012, HDFC reported a profit after tax of
` 2,153.03 crores as compared to ` 1,815.23 crores for the six months ended
September 30, 2011 – an increase of 19%. 
TOTAL ASSETS 
As at September 30, 2012 the total assets of HDFC stood at ` 1,80,637 crores as
against ` 1,50,045 crores as at September 30, 2011 – an increase of 20%. 
LENDING OPERATIONS 
As at September 30, 2012, the loan book stood at ` 1,55,128 crores as against `
1,26,992 crores as at September 30, 2011. Individual loans sold during the
preceding twelve months amounted to ` 5,630 crores. The growth in the individual
loan book inclusive of loans sold is 31% (24% net of loans sold) whereas the
non-individual loan book grew by 19%. The growth in the total loan book
inclusive of loans sold is 27% (22% net of loans sold). 
During the six months ended September 30, 2012, the loan book, inclusive of
loans sold grew by ` 16,771 crores of which ` 13,141 crores – representing 78%
of the increase was on account of the increase in the individual loan book. 
For the six months ended September 30, 2012, loan approvals grew by 18% and loan
disbursements grew by 21% as compared to the corresponding period in the
previous year.  
The current average size of individual loans is ` 21.5 lacs. 
Spread and Net Interest Margins  
The spread on loans over the cost of borrowings for the half-year ended
September 30, 2012 stood at 2.27%. Net Interest Margin for the half year ended
September 30, 2012 was 4.2%. 
Investments  
As at September 30, 2012, the unrealised gains on HDFC's listed investments
amounted to ` 31,161 crores (previous year ` 21,335 crores). This excludes the
appreciation in the value of unlisted investments. 
Non-Performing Loans 
Gross non-performing loans as at September 30, 2012 amounted to ` 1,206 crores.
This is equivalent to 0.77% of the loan portfolio (previous year – 0.82%).
This is the thirty-first consecutive quarter end at which the percentage of
non-performing loans has been lower than the corresponding quarter in the
previous year. The non-performing loans of the individual portfolio stood at
0.65% while that of the non-individual portfolio stood at 0.89%. 
The balance in the provision for contingencies account as at September 30, 2012
stood at ` 1,748 crores, of which only ` 493 crores is on account of
provisioning for non-performing loans and the balance ` 1,255 crores mainly
comprises general provisioning on standard loans, including Dual Rate Home
Loans. 
As at September 30, 2012, the regulatory provisioning requirement stood at `
1,430 crores, hence the excess provision carried by the Corporation over the
regulatory requirement was ` 318 crores. 
WARRANTS 
In August 2009, the Corporation had issued 5,47,68,530 Warrants with a right
exercisable by the Warrant holder to exchange each Warrant with one equity share
of face value of ` 2 per share on or before August 24, 2012 at a Warrant
exercise price of ` 600 per equity share. Pursuant to the exchange of the
Warrants, the Corporation issued and allotted 5,47,43,150 equity shares of ` 2
each and realised an amount of ` 3,284.59 crores, representing 99.95% of the
Warrants issued.  
The proceeds from the exchange of Warrants have been utilised to redeem the Zero
Coupon Debentures and consequently the Corporation has not earned any additional
interest income on the amount received.  
CAPITAL ADEQUACY RATIO 
HDFC's capital adequacy ratio stood at 16.7% of the risk weighted assets, as
against the minimum requirement of 12%. Tier 1 capital adequacy was 14.1% as
against a minimum requirement of 6%. 
DISTRIBUTION NETWORK 
HDFC's distribution network spans 322 outlets, which include 77 offices of
HDFC's distribution company, HDFC Sales Private Limited (HSPL). In addition,
HDFC covers over 90 locations through its outreach programmes. Distribution
channels form an integral part of the distribution network with home loans being
distributed through HSPL, HDFC Bank Limited and other few third party direct
selling associates. 
To cater to non-resident Indians, HDFC has offices in London, Dubai and
Singapore and service associates in Kuwait, Oman, Qatar, Sharjah, Abu Dhabi and
Saudi Arabia – Al Khobar, Jeddah and Riyadh. 
CONSOLIDATED FINANCIAL RESULTS 
For the half year ended September 30, 2012, the consolidated profit after tax
stood at ` 2,850.76 crores as compared to ` 2,348.39 crores in the half year
ended September 30, 2011 – an increase of 21%.  
The consolidated profit after tax for the half year ended September 30, 2012
does not consider the charge in respect of the redemption premium on Zero Coupon
Debentures amounting to ` 268.59 crores (net of tax) { ` 277.99 crores for the
half year ended September 30, 2011}.  
October 22, 2012 
To view the results please click on the links given below: 
Consol Qtr sept12 - ad  
September 12 
Media contact details 
Mahesh Shah,
Housing Development Finance Corporation Limited,
+91 (22) 66316410,
maheshs@hdfc.com 
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-0- Oct/22/2012 12:51 GMT