Press Release
January 14, 2010
Financial results for the quarter ended December 31, 2009

Corporate office
Netaji Marg,
Nr. Mithakhali Six Roads,
Ahmedabad – 380 006
Gujarat, India.
Phone :+91 – 079 – 26421671 – 75
Fax : +91 – 079 – 2656 9215


The Board of Directors of GRUH Finance Ltd. (GRUH) – a subsidiary of HDFC Ltd. – has approved the accounts for the quarter ended December 31, 2009 at their meeting held in Mumbai on January 14, 2010.


Profit after tax for the year amounted to 36.16 crores as compared to 27.78 crores for the previous year, an increase of 30%.


Loan Disbursements

Loan disbursements during the year were 492.37 crores as against 497.52 crores in the previous year. The disbursements during the third quarter at 207.64 crore have grown by 21% over the second quarter of the year. As a result, the loan portfolio as at December 31, 2009 amounted to 2288.80 crores as against 2016.41 crores in the previous year – an increase of 14%.

Non-Performing Loans

The gross NPA as at December 31, 2009 stands at Rs 42.16 crores or 1.84% (total loan outstanding portfolio of 2288.80 crores) as against NPA for the previous year at 25.02 crores or 1.24% of the outstanding loans.

GRUH is required to carry a provision of 7.19 crores in the Balance Sheet as at December 31, 2009 as per the guideline of NHB including the provision on standard assets in the non housing category. However, GRUH now carries a cumulative provision of 42.20 crore as at December 31, 2009 including the provision of 20.28 crore made from the current year’s profits. As a result Net NPAs stood at NIL crores which is 0.00% of outstanding loans of 2288.80 crores.


GRUHs deposits portfolio stands at 270.65 crores, as at December 31, 2009. GRUH’s Fixed Deposit programme has been rated “FAA+” by CRISIL and “MAA+” by ICRA. The rating of “FAA+” and “MAA+” indicates ‘High Safety” as regards repayment of interest and principal.

GRUH’s Commercial Paper (CP) of 500 crore is rated at “P1(+)” by CRISIL. GRUH has unutilised limit of 255 crore under its Non Convertible Debenture (NCD) programme of 600 crore. The NCD’s are rated “AA+” by ICRA.


The Capital Adequacy Ratio (CAR) as at December 31, 2009 is 17.03% as against the minimum requirement of 12%. Tier I CAR stood at 15.49% while Tier II CAR was 1.54%.


GRUH has a network of retail offices to 91 across 7 states of the country. GRUH has 31 offices in Gujarat, 27 offices in Maharashtra, 10 offices in Karnataka, 12 offices in Madhya Pradesh, 6 offices in Rajasthan, 4 offices in Chhatisgarh and one in Tamil Nadu.

The quarter on quarter financial performance is as follows:

( in crore)

Particulars Q3 (2009-10) Q2 (2009-10)
Net Interest Margin 34.98 28.48
Operating Profit 31.83 25.44
Profit Before Tax 19.98 17.33
Profit After Tax 15.52 10.59
Disbursements 207.64 171.96

The quarter to quarter results financial performance is given below

( in crore)

Particulars Q3 (2009-10) Q3 (2008-09)
Net Interest Margin 34.98 22.17
Operating Profit 31.83 18.42
Profit Before Tax 19.98 14.13
Profit After Tax 15.52 11.80
Disbursements 207.64 78.73

The comparison of year on year YTD financial performance is given below

Particulars 09-10 (YTD) 08-09 (YTD)
Net Interest Margin 82.42 57.26
Operating Profit 73.33 47.06
Profit Before Tax 50.36 38.46
Profit After Tax 36.16 27.78
Disbursements 492.37 497.52

January 14, 2010