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Saturday , January 19, 2013
HDFC Bank net profit up 30%
Publication: Hindustan Times , Agency:Correspondent
Edition:Pune/Mumbai , Page No: 18, Location: Middle­Center , Size(sq.cms): 225
HDFC Bank net
profit up 30%
BEATS EXPECTATIONS India's third largest lender's
income rises on strong loan growth and higher fee
HT Correspondent
■ letters@hindustantimes.com
MUMBAI: India's third largest
lender HDFC Bank posted
30% jump in its net profit to
Rs1,859 crore for the October­
December quarter from
Rs1,429.7 crore in the
previous year on strong loan
growth and higher fee and com­
mission income. Total income
grew 22% to Rs10,506.5 crore
from Rs8,622.6 crore in the
corresponding period a year
ago.
The bank's interest income
rose 22% to Rs3,800 crore
while other income, primarily
by way of fee and
commission, grew 27% to
Rs1,800 crore. Notably, the loan
book grew by 24.3% and the
net interest margin, a measure
of profitability, was at 4.1%.
Though HDFC Bank's
result is in line with analysts'
expectat i o n i t s g r o s s n o n­
performance asset ratio rose to 1%
from 0.91% in the previous
quarter.
"The bank, which had until
last quarter outperformed
entire industry by reporting
better asset quality, faced
pressures this time around, as
its gross and net NPA levels,
increased sequentially by 14%
a n d 2 8 % , o n a n a b s o l u t e
basis," said
V a i b h a v A g a r w a l , v i c e­
president research, Angel
Broking.
HDFC Bank in a statement
said its total balance sheet size
increased by 14.4% to
Rs383,729 crore while its total
net advance s g r e w 2 4 % t o
Rs241,493 crore.
"Total deposits were
a t R s284,119 crore, an
increase of
22.2% over December 31,
2011. Savings deposits grew
16.5% to Rs81,942 crore and
current deposits grew 10.4%
to Rs47,004 crore," it said.
HDFC Bank's share price
w a s down 1.2% on the BSE at
Rs659 on Friday, largely on
profit booking by investors.