However, for six months ending September 30, its net profit was up by 17 per cent to Rs 172.68 crore and income from operations increased by 11.23 per cent to R. 932.73 crore compared to the six months ended September 30, 1998.

Housing approvals during the six month reporting period increased by 27 per cent to Rs 2,371.03 crore while disbursals were up by 25 per cent to Rs 1,888.77 crore over the corresponding period last year, an HDFC release said. HDFC said approvals and disbursements in respect of individual loans were higher by 35 per cent and 38 per cent respectively as compared to the corresponding period in the previous year.

Its other income from operations for the quarter stood at Rs. 0.63crore (Rs 0.82 crore). Interest expenses increased to Rs 343.43 crore (Rs 315.95 crore).