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Monday, July 28, 2008

HDFC Bank - superb as usual


: Private sector lender HDFC Bank today reported a jump of 44.6 per cent in the net profit for the quarter ended June 30, 2008, at Rs 464.4 crore.

A substantial increase in net interest income combined with a healthy jump in fees and commission has enabled HDFC Bank to clock a total income of Rs 4,215.2 crore in Q1 FY 2009, up 59.6 per cent as compared to the year-ago period.

The bank which recently merged Centurion Bank reported a jump of 74.9 per cent in the Net interest income at Rs 1,723 crore driven by average asset growth of 68 per cent and a core net interest margin of just over 4.1 per cent.

Fees and commission, the main contributors to other income for the quarter, increased by 37.3 per cent to Rs 511.2 crore, the release said.

The two other major components of other income were foreign exchange and derivatives revenues of Rs 157.4 crore as compared to Rs 146.5 crore in the corresponding quarter of the last fiscal.

The bank reported a loss of Rs 77.6 crore on revaluation or sale of investments in the reporting quarter as against a profit of Rs 52.6 crore in the year-ago period.

There was an increase in provisions and contingencies for the quarter at Rs 344.5 crore as against Rs 307.1 crore in the year-ago period.

These comprised primarily of specific provisions for NPAs and general provisions for standard assets of Rs 324.4 crore as against Rs 299.7 crore in the year-ago period, the release said.