HDFC Bank net profit up 30% | business | Hindustan Times
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HDFC Bank net profit up 30%

business Updated: Jan 19, 2013 01:57 IST
HT Correspondent

India's third largest lender HDFC Bank posted 30% jump in its net profit to Rs. 1,859 crore for the October-December quarter from Rs. 1,429.7 crore in the previous year on strong loan growth and higher fee and commission income.

Total income grew 22% to Rs. 10,506.5 crore from Rs. 8,622.6 crore in the corresponding period a year ago.

The bank's interest income rose 22% to Rs. 3,800 crore while other income, primarily by way of fee and commission, grew 27% to Rs. 1,800 crore.

Notably, the loan book grew by 24.3% and the net interest margin, a measure of profitability, was at 4.1%.

Though HDFC Bank's result is in line with analysts' expectation its gross non-performance asset ratio rose to 1% from 0.91% in the previous quarter.

"The bank, which had until last quarter outperformed entire industry by reporting better asset quality, faced pressures this time around, as its gross and net NPA levels, increased sequentially by 14% and 28%, on an absolute basis," said Vaibhav Agarwal, vice-president research, Angel Broking.

HDFC Bank in a statement said its total balance sheet size increased by 14.4% to Rs. 383,729 crore while its total net advances grew 24% to Rs. 241,493 crore.

"Total deposits were at Rs. 284,119 crore, an increase of 22.2% over December 31, 2011. Savings deposits grew 16.5% to Rs. 81,942 crore and current deposits grew 10.4% to Rs. 47,004 crore," it said.

HDFC Bank's share price was down 1.2% on the BSE at Rs. 659 on Friday, largely on profit booking by investors.