Press Release
July 21, 2009
Financial results for the quarter ended June 30, 2009

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

GRUH FINANCE LTD.
FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2009

The Board of Directors of GRUH Finance Ltd. (GRUH) – a subsidiary of HDFC Ltd. – has approved the accounts for the quarter ended June 30, 2009 at their meeting held in Mumbai on July 21, 2009.

FINANCIAL RESULTS

Profit after tax for the year amounted to 10.05 crores as compared to 7.78 crores for the previous year, an increase of 29%.

Housing Loan Portfolio

The loan portfolio as at June 30, 2009 amounted to 2125.00 crores as against 1893.01 crores in the previous year – an increase of 12.25%.

LENDING OPERATIONS

Loan Disbursements

Loan disbursements during the quarter were 112.77 crores as against 196.99 crores in the previous year. Disbursements have been sluggish on account of low off take in demand for properties. Buyers of properties are on a “wait and watch” mode waiting for price stability and as a result the demand for home loan has been low. The demand for loan has also been affected adversely by the unrealistic short term rates offered by the players of the banking sector.

Cumulative loan disbursements as of June 30, 2009 were 3977.62 crores.

Non-Performing Loans

The gross NPA as at June 30, 2009 stands at Rs 42.44 crores or 2.07% (total loan outstanding portfolio of 2125.00 crores). The Net NPA as at June 30, 2009 stands at 17.69 crore indicating 0.83% of the loan assets.

DEPOSITS

GRUHs deposits portfolio has increased to 262.15 crores, up from 250.18 crores as at March 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) is rated at “P1(+)” by CRISIL and Non Convertible Debenture (NCD) is rated at “AA+” by ICRA.

RETAIL NETWORK

GRUH has a network of 89 retail offices across 7 states of the country. GRUH has 30 offices in Gujarat, 27 offices in Maharashtra, 10 offices in Karnataka, 12 offices in Madhya Pradesh, 6 offices in Rajasthan, three offices in Chhatisgarh and one in Tamil Nadu.

July 21, 2009