HDFC Bank Q4 net profit at Rs 902 million

Mumbai: HDFC Bank Ltd has posted a net profit of Rs 902.40 million for the quarter ended 31 March 2002 as compared to Rs 655.40 million for Q4 ended 31 March 2001. The total income has increased from Rs 4198.80 million for Q4 ended 31 March 2001 to Rs 5660.20 million for Q4 ended 31 March 2002.

The net profit for the financial year ended 31 March 2002 is Rs 2,970.40 million as compared to Rs 2,101.20 million for the corresponding period last fiscal. The total income has increased from Rs 14,449.90 million for the financial year ended 31 March 2001 to Rs 20,362.40 million for the financial year ended 31 March 2002. The board has recommended a dividend of 25 per cent for the year.

HDFC Bank had recently launched its international credit card. The bank had a pilot launch in Chennai last year, and has issued around 2,000 cards there. The bank has a tie-up with Visa for the credit cards, and plans a launch with MasterCard in two-three months.

HDFC Bank is also gearing itself to become an applications services provider (ASP) in a joint venture with iFlex Solutions. They floated a company called Flexcel International, as a 50:50 joint venture with an initial equity of Rs 6 crore, to offer old-generation private banks, regional banks and cooperative banks the ASP model as a cheap alternative to setting up their own banking software infrastructure.