Financial Daily from THE HINDU group of publications
Friday, Jul 15, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 15, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks HDFC Bank Q1 net up 31 pc at Rs 184 cr Our Bureau
Mumbai , July 14 HDFC Bank Ltd today announced that net profit for the first quarter 2005-06 increased by 31.13 per cent to touch Rs 183.53 crore (Rs 139.97 crore), mainly on account of higher net interest and fee income. Total income was Rs 1,157.68 crore, up from Rs 810.59 crore in the previous year. Net interest income increased by 31.3 per cent to Rs 523.69 (Rs 398.79 crore). Other income grew by over 143 per cent to Rs 263.55 crore (Rs 108.04 crore). "Other income comprises fees and commission, which increased by 40 per cent. But a certain proportion is distorted, because this year there is a profit on sale of investment of Rs 23 crore against a loss of Rs 65 crore last year. One is a marginally negative and one is a positive," said Mr Paresh Sukthankar, Head, Credit and Market Risk. The capital adequacy ratio was 11.9 per cent (11 per cent). Total advances rose to Rs 27,469.37 crore (Rs 18,419.64 crore), while total deposits touched Rs 38,354.17 crore (Rs 31,406.13 crore). Retail loans grew 70.8 per cent to Rs 14,761 crore and now form 50.5 per cent of gross advances as against 45.2 per cent of gross advances as at June 30, 2004. Net non-performing assets were at 0.2 per cent of customer assets and 0.3 per cent of advances. Provisions and contingencies for the quarter were Rs 165.9 crore, which consist of general and specific loan loss provisions of Rs 108.6 crore and amortisation of premia (for investments in the Held To Maturity category) of Rs 57 crore. The provision also includes expenditure on branch network, and increased staff strength, Mr Sukthankar said. The bank was positioned to grow both the retail and wholesale loan book in the current fiscal and adequately capitalised after the ADR, he said.
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