Housing Development and Finance Corporation (HDFC) has recorded a profit of MVR 52 million in profit by the end of the first three quarters of 2016.
Report on HDFC’s financial performance for the third quarter shows it earned MVR 17.9 million in profit during the last quarter, higher than the MVR 15.4 million it generated during the second quarter, but lower than the MVR 18.6 million it earned during the first quarter.
The total profit earned by HDFC during the first three quarters stands at MVR 52,043,763. This is a 22 percent improvement compared to profit of MVR 42,428,263 generated during the first three quarters of 2015.
HDFC was formed with the assistance of World Bank, via a special decree passed by Maldivian President in 2004. It was converted into a public limited company with 51 percent of shares sold to foreign parties in 2008.
Out of the 51 percent – 18 percent is owned by Islamic Finance Corporation, 18 percent by Asian Development Bank, and 15 percent by HDFC – India.
There has been a progressive increase in profit generated by HDFC since its inception. It earned MVR 48.9 million in profit after tax in 2012, MVR 50.9 million in profit after tax in 2013, MVR 54.9 million in profit after tax in 2014, and a profit after tax of MVR 60.5 million in 2015.