Banks a mixed bag: HDFC up 44%, IOB 4.5% down | india | Hindustan Times
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Banks a mixed bag: HDFC up 44%, IOB 4.5% down

Private sector lender HDFC Bank on Monday reported a jump of 44.6 per cent in the net profit for the quarter ended June 30, 2008, at Rs 464.4 crore.

india Updated: Jul 28, 2008 21:10 IST

Private sector lender HDFC Bank on Monday reported a jump of 44.6 per cent in the net profit for the quarter ended June 30, 2008, at Rs 464.4 crore.

A substantial increase in net interest income combined with a healthy jump in fees and commission has enabled HDFC Bank to clock a total income of Rs 4,215.2 crore in Q1 FY 2009, up 59.6 per cent as compared to the year-ago period.

The bank, which recently merged Centurion Bank of Punjab with itself, reported a jump of 74.9 per cent in the net interest income at Rs 1,723 crore driven by average asset growth of 68 per cent and a core net interest margin of just over 4.1 per cent.

The bank reported a loss of Rs 77.6 crore on revaluation or sale of investments in the reporting quarter as against a profit of Rs 52.6 crore in the year-ago period.

Meanwhile, the Mumbai-based Bank of India has announced a net profit of Rs 561 crore for the April-June quarter, compared to Rs 315 crore in the corresponding period the previous year. Its total income stood at Rs 4,114 crore, compared to Rs 3,108 crore a year ago.

Indian Overseas Bank announced that its net profit had declined by 4.5 per cent. The bank said its net profit was Rs 256 crore (against Rs 268 crore a year ago), and total income Rs 2,187 crore as against Rs 1,908 crore last year).