Financial Daily from THE HINDU group of publications
Thursday, Apr 14, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 14, 2005 |
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Financial Performance Corporate Results - Private Banks Money & Banking - Financial Performance HDFC Bank Q4 net up 30% on higher credit, fee income — To pay 45 pc dividend Our Bureau
Mumbai , April 13 HDFC Bank has reported a 30.8 per cent increase in its net profit at Rs 202.4 crore for the fourth quarter ended March 31, 2005, against Rs 154.7 crore in the corresponding quarter last year. An increase in credit and income from fees and commission drove profits up, said Mr Paresh Sukhatankar, Head, Credit and Risk, HDFC Bank. The bank has recommended a dividend of 45 per cent, ( Rs 4.5 per share) which includes a special one-time dividend of 5 per cent on the occasion of the bank completing 10 years. Total income rose to Rs 1,087.27 crore (Rs 806.31 crore). Net interest income was at Rs 513.6 crore (Rs 360.57 crore), driven by balancesheet growth, a marginal improvement in spreads and profit on sale of retail loans. Other income that includes commission and sale of investments grew by 56.6 per cent to Rs 220.1 crore (Rs 140.5 crore). Total expenditure for the quarter increased to Rs 682.33 crore (Rs 521.97 crore). Net profit for the full year rose by 30.6 per cent to Rs 665.6 crore (Rs 509.5 crore). Total income stood at Rs 3,744.83 crore (Rs 3,028.96 crore). Net interest income increased to Rs 1,777.93 crore from Rs 1,337.88 crore. The bank reported a loss of Rs 81.06 crore in its treasury operations against a profit of Rs 148.49 crore last year. This is due to the rise in interest rates, said Mr Sukhatankar. "We were never dependent on treasury income. Our income come from fees and commissions have offset the losses from treasury income," he added. About the outlook on interest rates, Mr Sukhatankar said, "I expect interest rates to go up in the next three to six months as government borrowings will happen in the first half of the year. The rising oil prices too will push up interest rates. Due to this, interest rates on both loans and deposits are likely to rise." But the extent of the interest rate's upward movement will depend on inflation and the amount of government borrowing, he added. For the year, total deposits were at Rs 36,354 crore. Savings account deposits increased to Rs 1,1418 crore from Rs.7804 crore. Net advances grew by 44 per cent to Rs.25,566 crore. This was driven by a growth of 47.5 per cent in retail advances to Rs.11,696 crore and an increase of 41.3 per cent in wholesale advances to Rs.13,870 crore. As a result of the ADS issue in January and retention of current year profits, the total capital adequacy ratio (CAR) as at March 31, 2005 was at 12.2 per cent. HDFC scrip moved up marginally to Rs 562.20 from Rs 558.35 on the BSE on Wednesday.
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