Business Daily from THE HINDU group of publications
Saturday, Oct 13, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Oct 13, 2007 ePaper |
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Money & Banking
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Financial Performance Corporate Results - Private Banks
Our Bureau Mumbai, Oct. 12 HDFC Bank saw a rise of 33.4 per cent in its total customer assets (including advances, corporate debentures, and investments in securitised paper) to Rs 65,812 crore (Rs 49,326 crore) in the quarter ended September 30, 2007. The bank is planning to maintain its share of low-cost deposits at 50 per cent this fiscal. “Our CASA (current account and savings account) is around 48-50 per cent, which is higher than other players in the market. The aim is to maintain CASA at 45-50 per cent,” said Mr Paresh Sukhtankar, Head-Credit and Market Risk, HDFC Bank. 
About the likely movement of interest rates, Mr Sukhtankar said deposit rates should tend downwards, but the extent would depend on competition and what stance the RBI takes in the monetary policy. For the six-month period ended September 30, 2007, the bank posted a net profit of Rs 689.7 crore, an increase of 37.3 per cent from Rs 502.24 crore. After the ADS offering of Rs 2,392.9 crore in July, the bank is well capitalised at 14.9 per cent. Therefore, there is no need to raise further capital this year, Mr Sukhtankar said. Awaits RBI nodIt is also awaiting permission from the RBI for opening new branches and setting up new ATMs. “Strong management, consistent performance, sound asset quality and superior return ratios have helped the bank’s stock command premium valuations. We expect HDFC Bank to continue delivering strong performance going ahead,” said Mr Hitesh Agarwal of Angel Broking. Shares of HDFC Bank closed at Rs 1,430.85, down from the previous close of Rs 1,456.45 on the BSE, on a day when the markets fell by almost 400 points. More Stories on : Financial Performance | Private Banks | HDFC Bank Ltd
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