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HDFC Bank net rises
Our Banking Bureau
15 July 2004

Mumbai: HDFC Bank has registered an over 30 per cent jump in net profits for the first quarter ended June 30, 2004, at Rs139.97 crore, up from Rs107.28 crore in the same period last year.

Net interest income of the bank increased over 43 per cent to Rs398.79 crore (Rs277.69 crore). Other income fell 18 per cent to Rs108.04 crore (Rs132.19 crore).

"While core banking income and fee income increased, the profit on sale and revaluation investments declined leading to fall in fee income. This was due to the fall in prices of government securities. We had to provide Rs65 crore from our profits towards valuation losses of the portfolio," said Paresh Sukthankar, country head-risk, HDFC Bank. The government securities market saw a 0.7 per cent rise in yields in the first quarter and HDFC Bank provided for the loss in valuation of its portfolio from the profit and loss account.

Other income includes fees and commissions at Rs144 crore (Rs60.8 crore), foreign exchange products and derivatives at Rs27.9 crore (Rs29.1 crore) and profit on sale and revaluation of investments which registered a net loss of Rs65 crore as against a profit of Rs42 crore in the previous year. Total income increased 14 per cent to Rs810.6 crore (Rs709.26 crore) and total expenditure increased 11 per cent to Rs534.59 crore (Rs481.33 crore).

As on June 30, 2004, total deposits were Rs31,406 crore, an increase of 34.6 per cent from Rs23,340 crores in June 2003.

Total assets grew 54 per cent to Rs18,400 crore (Rs11,900 crore) while retail loans (a net of Rs740 crore loans securitised out) grew 82.4 per cent on a year-on-year basis to Rs7,871 crore (Rs4,300 crore).

Portfolio quality as on June 30, 2004, remained healthy with net non-performing assets at 0.2 per cent of advances and the capital adequacy ratio was at 11 per cent, said a press note from the bank.

send this article to a friend HDFC Bank's share price fell marginally by 0.05 per cent on BSE to Rs365.00 and by 0.07 per cent on NSE to Rs365.05.

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HDFC Bank net rises