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HDFC net rises 11% to Rs 1,723 cr in Q4, Meets Expectation

HDFC net rises 11% to Rs 1,723 cr in Q4, Meets Expectation

Mortgage lender HDFC said its standalone net profit grew 11 per cent to Rs 1,723 crore for the quarter ending March 31, 2014 as compared to Rs 1,555 crore in the same quarter a year earlier. Analysts polled by NDTV estimated its net profit to come at Rs 1,702 crore. HDFC recommended a dividend of Rs 14 per share.

It posted a total income of Rs 6,620 crore in the March quarter as compared to Rs 5,666 crore in the same quarter of previous fiscal.

HDFC's loan book grew 16 per cent year-on-year to Rs 1.97 lakh crore as against Rs 1.70 lakh crore in in the same quarter of previous fiscal. This excludes loans worth Rs 6,944 crore, which the bank sold over the last 12 months ending March 2014.

Its total borrowing grew 16 per cent to 1.84 lakh crore as against Rs 1.58 lakh crore in the previous year.

HDFC's provisioning for bad loans stood at Rs 30 crore against Rs 25 crore in the same quarter of previous fiscal.

Shares in HDFC traded 0.80 per cent lower at Rs 879.4 compared to 0.26 per cent gain in Nifty as at 2 p.m.