HDFC Bank Q2 FY 10 net profit up 30.2 per cent at Rs 687.5-cr

Buoyed by a 17.9 per cent increase in fee-income at Rs 692.4-crore, HDFC Bank clocked a net profit of Rs 687.5-crore in Q2 FY 10, up 30.2 per cent over the year-ago period.

Buoyed by a 17.9 per cent increase in fee-income at Rs 692.4-crore, HDFC Bank clocked a net profit of Rs 687.5-crore in Q2 FY 10, up 30.2 per cent over the year-ago period.

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The private sector bank's net revenues rose 18.1 per cent at Rs 2,963.2-crore, up 18.1 per cent over Rs 2,509.6-crore in the year-ago period, a bank statement said.

Net interest income for the quarter ended September 30, 2009, stood at Rs 1,955.8-crore with net interest margin (NIM) at 4.2 per cent.

Other income of the bank grew 56.6 per cent from Rs 643.1-crore to Rs 1,007.4-crore.

The bank said that operating expenses remained stable at Rs 1,370.2-crore. Provisions and contingencies (comprising primarily loan loss provisions) for the reporting quarter were Rs 594.1-crore as against Rs 658.8-crore in the year-ago period.

The bank's total balance-sheet size touched Rs 1,93,941-crore as at September 30, 2009, with total deposits at Rs 1,49,805-crore and gross advances at Rs 1,15,104-crore, the statement said.

Retail loans at Rs 62,652-crore comprised 54.4 per cent of gross advances, HDFC Bank's Executive Director, Paresh Sukhthankar, said.