HDFC Bank, ICICI Bank Q4 net profits up by more than 30 per cent
The two leading private sector banks, ICICI Bank and HDFC Bank, posted strong results for the quarter ended March 2010 as their net profits for the quarter rose by 35 per cent and 33 per cent respectively.mumbai Updated: Apr 25, 2010 02:07 IST
The two leading private sector banks, ICICI Bank and HDFC Bank, posted strong results for the quarter ended March 2010 as their net profits for the quarter rose by 35 per cent and 33 per cent respectively.
While ICICI bank saw its standalone profits for the quarter ended March 2010 at Rs 1,005 crore, HDFC Bank saw its profits stand at Rs 836 crore.
ICICI Bank witnessed its highest-ever consolidated profit of Rs 4,670 crore for the year ended March 2010 with a rise of 31 per cent and HDFC too witnessed the profits for the year rise by 34 per cent to Rs 3,003 crore. Both banks did not see a rise in their interest income for the quarter and the year ended March 2010 but they also witnessed a drop in their interest expenditure leading to a rise in their profits.
While the current and savings account ratio stood at 50 per cent as a ratio of total deposits for HDFC Bank, it stood at 41.7 per cent for ICICI Bank at the end of March 2010.
ICICI Bank saw a sharp recovery in its net non-performing assets ratio as it declined to 1.87 per cent in March 2010, from 2.19 per cent in December 2009 and the bank’s board even proposed to pay a dividend of Rs 12 per share.
HDFC Bank, however, witnessed a rise of 27 per cent in its net interest income (interest earned less interest expended), as a result of a rise in its loan growth and a core net interest margin for the quarter of 4.4 per cent.