India’s largest housing finance major Housing Development Finance Corporation ‘s (HDFC) has declared its results for third quarter for FY 2011.

During the third quarter that ended on 31st December 2011, HDFC’s net profit grew at a slower pace of 10% year-on-year to Rs 891 crore on the back of lower investment income and higher interest cost.

The total income of the company rose up 35% to Rs 4,473 crore compared to Rs 3,321 crore a year back.

Q3 Results of HDFC Bank are slightly below the market expectations. A CNBC TV18 estimate showed 13% rise in net profit.

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The loan book of the company grew 21% Yo-Y to Rs 1.32 lakh crore while the net interest income (NII) or the difference between interests earned and paid out rose 18% to Rs 1,367. During the quarter interest and other charges shot up 51% y-o-y to Rs 3,012. However, net interest margin (NIM) almost remained unchanged at 4.3%.

Gross non-performing loans, according to a company release, stood at 1,109 crore or 0.82% of the loan book as against 0.85% in the same quarter previous year.