HDFC
Bank Q2 net up 30 per cent
Our
Banking Bureau
23 October 2004
Mumbai:
HDFC Bank Ltd, has reported a 30 per cent jump in
net profit to Rs152.30 crore for the quarter ended
September 30, 2004, against Rs117.14 crore in the
corresponding period in the previous year. The Bank's
total income grew by 18.7 per cent to Rs867.40 crore
(Rs730.90 crore).
Net
interest income, which rose by 33 per cent to Rs425.60
crore (Rs342.20 crore) was cited as the primary driver
of growth in profits by profits, said P Sukthankar
head, credit and market risk, HDFC Bank.
Stable
net interest margin at around 3.8 per cent and healthy
growth in retail loans has been major contributors
to the bank's revenues, he added. Retail loans had
a year-on-year growth of 68.7 per cent to Rs9,196
crore, which form 42.8 per cent of gross advances
in the quarter.
Sukthankar
pointed out strong growth in commissions as another
key growth driver of the bank. Fees and commission
of the bank grew 71 per cent to Rs133.90 crore (Rs78.30
crore).
Net
revenues of the bank, comprising net interest income
and other income, went up by 28 per cent for the period
to Rs548.30 crore (Rs428.50 crore).
However,
the bank has reported a loss on sale or revaluation
of investments aggregating to Rs25.9 crore over a
loss of Rs18.8 crore in the corresponding previous
quarter. The bank has Rs3,000 crore securities to
HTM category.
Gross
non-performing assets (NPAs) of the bank for the quarter
were at 1.5 per cent (1.9 per cent). Net NPAs of the
bank have remained unchanged at 0.2 per cent for the
period.
