GRUH Finance Ltd. - Profit After Tax for the Year Amounted to Rs. 103.36 Crores as Compared to Rs. 82.82 Crores for the Previous Year, an Increase of 25%

AHMEDABAD, India, January 17, 2014 /PRNewswire/ --

Financial Results for the Quarter Ended December 31, 2013

The Board of Directors of GRUH Finance Ltd. (GRUH) - a subsidiary of HDFC Ltd. - has approved the accounts for the quarter ended December 31, 2013 at their meeting held in Mumbai on January 16, 2014.

Financial Results:

Profit after tax for the year amounted to Rs. 103.36 crores as compared to Rs. 82.82 crores for the previous year, an increase of 25%.

Housing Loan Portfolio

The loan portfolio as at December 31, 2013 amounted to Rs. 6544.60 crores as against Rs. 4995.11 crores in the previous year - an increase of 31%.

Lending Operations:

Loan Disbursements

Loan disbursements during the year were Rs. 1824.74 crores as against Rs. 1490.71 crores in the previous year indicating a growth of 22%.

Cumulative loan disbursements as of December 31, 2013 were Rs. 11341.52 crores.

Non-Performing Loans

The gross NPA as at December 31, 2013 stands at Rs 29.93 crores or 0.46% (total loan outstanding portfolio of Rs. 6544.61 crores).

GRUH is required to carry a provision of Rs. 9.44 crore on its Gross NPA portfolio of Rs. 29.93 crore as on December 31, 2013 based on the revised guidelines and Rs. 28.68 crores towards standard assets i.e. a total provision of Rs. 38.12 crore.

However, as a prudent measure, GRUH has made more than the required provision as a result of which, the Net NPA as at December 31, 2013 stands at NIL indicating Net NPA to loans of NIL.

Deposits:

GRUH's deposit portfolio has increased to Rs. 926.94 crores, up from Rs. 632.35 crores last year. GRUH's Fixed Deposit programme has been rated "FAAA" by CRISIL and "MAAA" by ICRA. The rating of "FAAA" and "MAAA" indicates 'Highest Safety" as regards repayment of interest and principal. GRUH's Commercial Paper (CP) is rated at "P1(+)" by CRISIL and Non Convertible Debenture (NCD) is rated at "AA+" by ICRA.

Retail Network:

GRUH has a network of 138 retail offices across 7 states of the country. GRUH has 40 offices in Gujarat, 41 offices in Maharashtra, 15 offices in Karnataka, 20 offices in Madhya Pradesh, 10 offices in Rajasthan, 7 offices in Chhatisgarh and 5 offices in Tamil Nadu.

Highlights of Operational Performance

                                (Rs. in crore)

                          December 31,    December 31,
    Detail                    2013            2012        Growth (%)
    Net Interest Margin      193.72          155.87         24.28
    Non Interest
    Expenses                  43.11           36.04         19.62
    Operating Profit         169.40          136.01         24.55
    Profit Before Tax        151.26          121.90         24.08
    Profit After Tax         103.36           82.82         24.79
    Disbursements            1824.74         1490.71        22.41

About GRUH Finance Ltd.

GRUH Finance Ltd. (GRUH) is a subsidiary of HDFC Ltd. It has a network of 136 retail offices across 7 states of the country. GRUH has 40 offices in Gujarat, 41 offices in Maharashtra, 14 offices in Karnataka, 19 offices in Madhya Pradesh, 10 offices in Rajasthan, 7 offices in Chhatisgarh and 5 offices in Tamil Nadu. For more information, visit http://www.gruh.com/.

Primary Media Contact: Pritesh Trivedi, [email protected], 91-97272-60309

Secondary Media Contact: Jagan Dave, [email protected], 91-98250-39860