HDFC Q1 profits surge; meets expectations

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HDFC Q1 profits surge; meets expectations
Housing finance major HDFC reported profits in line with street expectations. The company reported a net profit of Rs 1001 crores for the first quarter 2012-2013, as against Rs 844 crores reported in the corresponding period of last year.

The net interest income of the housing lender has come in at 1522 crores, as against Rs 1285 crores in the corresponding period of last year, again showing a healthy growth of 19%.

The shares of the company were trading at Rs 678, marginally down by around 0.67%.

The Housing Development Finance Corporation Limited is amongst the premier housing finance companies in the country.

It was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of the RBI's liberalisation of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995.

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