MUMBAI Jan 22 Indian mortgage lender Housing
Development Finance Corp (HDFC) posted a 12 percent
gain in quarterly net profit, in line with estimates, aided by
higher loan growth.
Net profit rose to 12.8 billion rupees ($206.92 million) in
the December quarter compared with 11.4 billion rupees a year
earlier, HDFC said on Wednesday.
Income from operations increased 16.3 percent in the fiscal
third quarter, while profit from sale of investments fell to
346.2 million rupees from 963.2 million a year earlier.
Total expenditure rose about 15 percent, largely driven by
interest charges, it said.
HDFC faces an intensifying battle for business and market
share as banks aggressively push home loans.
The lender has said it is betting on increased loan demand
in smaller cities to boost growth in a slowing economy.
Net interest margin for the nine months ended December was
at 4 percent, HDFC said. A year-ago comparison was not
($1 = 61.8600 Indian rupees)
(Reporting by Swati Pandey; Editing by Ryan Woo)