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Our Bureau

Mumbai, July 28 HDFC Bank has reported a net profit of Rs 464.4 crore in the first quarter of the fiscal. This is a 44 per cent increase against Rs 321 crore in the corresponding quarter of the previous year.

Since the merger of Centurion Bank of Punjab (CBOP) and HDFC Bank became effective from May 23, 2008, the financial figures of the merged entity are not comparable to HDFC Bank’s stand-alone results last year.

Mr Paresh Sukthankar, Executive Director , HDFC Bank, said, “Centurion Bank of Punjab’s Q1 net profit last year was around Rs 22 crore. If this is taken into account, then the growth in net profit would be around 35 per cent. Overall, the continued growth of the balance sheet, deposits and advances as well as fees and commissions have helped in the rise of net profit,” he said.

The total balance sheet size has grown by 59.5 per cent from Rs 105,695 crore to Rs 1,68,590 crore. Centurion Bank of Punjab has contributed to 20 per cent of the balance sheet.

Net interest margin was at 4.1 per cent, against 4.2 per cent in the previous year. CBOP’s NIM in the previous year was 3.6 per cent.

Other income was 3.67 per cent higher at Rs 593 crore (Rs 572 crore).

Fees and commission was the main contributor to other income for the quarter. It increased by 37 per cent to Rs 511 crore.

Income from treasury operations was lower at Rs 43 crore, against Rs 124 crore in the previous year. The bank has reported a loss of Rs 77.6 crore on revaluation/ sale of investments, against a profit of Rs 52.6 crore in the previous year.

“We did see a depreciation in the government security portfolio. But our mark to market losses are not as much as other banks because we had a lower book under Available For Sale,” he said.

More Stories on : Financial Performance | Private Banks | HDFC Bank Ltd

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