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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.

send this article to a friend Net profit of the bank for the half-year ended September 30 soared 30.2 per cent to Rs292.30 crore over Rs224.42 crore in the previous six months. For the half year, the bank earned a total income of Rs1,678 crore (Rs1,440 crore).

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HDFC Bank Q2 net up 30 per cent