HDFC Bank reports 30% hike in net profit to Rs 387 crore

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).

The 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.

During 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).