Bank reports 30% hike in net profit to Rs 387 crore
16 April 2003
HDFC Bank has reported a rise of 30.48 per cent in net profit
to Rs 387.60 crore for the year 2002-03.
For the quarter
ended 31 March 2003, the bank's net profit was at Rs 116.6
crore, reflecting a rise of 29.2 per cent over the corresponding
quarter ended 31 March 2002, and a 17.9-per cent increase
over the immediate preceding quarter ended December 2002.
Approving the results,
the board has recommended a dividend of 30 per cent for
the last fiscal as against 25 per cent for the preceding
fiscal. Earnings per share increased by 24.9 per cent
to Rs 13.75 (Rs 11.01).
bank's net income, during the fiscal, recorded a growth
of 35.5 per cent to Rs 1,304.1 crore (Rs 962.5 crore).
Operating expenses as a proportion of total revenues increased
to 45.4 per cent from 43.4 per cent as a result of a significant
rise in infrastructural investments, geographical expansion
and product rollouts, the bank said.
The net interest
income increased by Rs 201.8 crore to Rs 831.0 crore,
driven by an average asset growth of 26.7 per cent and
an improvement of 14 basis points in the net interest
margin to 3.26 per cent. The other income grew by 42 per
cent to Rs 473.1 crore in 2002-03.
the fiscal, deposits increased by 27 per cent to Rs 22,376
crore, while advances rose by 72.5 per cent to Rs 11,755
crore with total retail advances constituting 29 per cent.
Savings account deposits increased 58 per cent to Rs 4,663
crore (Rs 2,957 crore).
of reports on HDFC Bank