Financial Daily from THE HINDU group of publications
Thursday, Jul 15, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 15, 2004 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks HDFC Bank net rises despite loss in portfolio valuation Our Bureau
Mumbai , July 14 DESPITE loss on valuation of investments, HDFC Bank has registered an over 30 per cent jump in net profit for the first quarter ended June 30, 2004, at Rs 139.97 crore, up from Rs 107.28 crore in the same period the previous year. Net interest income of the bank increased over 43 per cent to Rs 398.79 crore (Rs 277.69 crore). Other income fell 18 per cent to Rs 108.04 crore (Rs 132.19 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 Rs 65 crore from our profits towards valuation losses of the portfolio," said Mr 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 Rs 144 crore (Rs 60.8 crore), foreign exchange products & derivatives at Rs 27.9 crore (Rs 29.1 crore) and profit on sale and revaluation of investments which registered a net loss of Rs 65 crore as against a profit of Rs 42 crore in the previous year period. Total income increased 14 per cent to Rs 810.6 crore (Rs 709.26 crore) and total expenditure increased 11 per cent to Rs 534.59 crore (Rs 481.33 crore). As on June 30, 2004, total deposits were Rs 31,406 crores, an increase of 34.6 per cent from Rs 23,340 crores in June 2003. Total assets grew 54 per cent to Rs 18,400 crore (Rs 11,900 crore) while retail loans (net of Rs 740 crore loans securitised out) grew 82.4 per cent on a year-on-year basis to Rs 7,871 crore (Rs 4,300 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.
HDFC Bank's share price fell marginally by 0.05 per cent on BSE to Rs 365.00 and by 0.07 per cent on NSE to Rs 365.05.
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