The Hindu Business Line : HDFC Bank Q3 net rises 31 pc

DRIVEN by significant growth in retail loans and a higher fee-based income, HDFC Bank has recorded a 31 per cent jump in net profit for the third quarter ended December 31, 2004.

The bank has reported a net profit of Rs 170.93 crore for the quarter as against a net profit of Rs 130.36 crore in the year ago period.

The bank's total income increased to Rs 979.55 crore (Rs 782.48 crore). Of this, interest earned was at Rs 779.03 crore (Rs 661.39 crore) and other income at Rs 200.52 crore (Rs 121.09 crore).

According to an official, the 80 per cent increase in retail business has helped the bank to shore up its bottomline. Other income, consisting primarily of fees and commissions, foreign exchange and derivatives revenues, and profit on sale and revaluation of investments, grew by 65 per cent.

Total expenditure for the period rose to Rs 617.66 crore from Rs 516.19 crore. This is inclusive of interest expended at Rs 339.04 crore (Rs 303.98 crore) and operating expenses at Rs 278.62 crore (Rs 212.21 crore).

Provisions and contingencies for the quarter were higher by 36 per cent at Rs 113.08 crore (Rs 83.11 crore).

Net profit for nine months ended December 31, 2004 was up 30.6 per cent at Rs 463.19 crore (Rs 354.78 crore). During this period, the bank earned a total income of Rs 2,657.56 crore (Rs 2,222.65 crore).

As on December 31, 2004, total deposits grew by 26.4 per cent to Rs 37,429 crore, as against Rs 29,606 crore in the corresponding period, the previous year.

Savings account deposits grew by 56.1 per cent to Rs 10,876 crore.

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