HDFC Bank has posted about 37 per cent rise in net profit at Rs 471 crore for the quarter ended March 2008, which is in line with the market expectation.
The bank announced an enhanced dividend of 85 per cent for 2007-08, against 70 per cent for the previous fiscal.
“The results are in line with the market expectations in the key areas like revenue, profitability and margin. Though the market was expecting the bank to maintain net interest margin (NIM) at 4.3 per cent like it did in October-December 2007 quarter, it has actually improved the performance,” said Bhavesh Shah, Vice-President:Research of Asit C Mehta.
The bank’s NIM went up to 4.4 per cent for the quarter, while its total income went up by 51 per cent to 3,505.5 crore.
At a time several private sector banks were hit either by sub-prime or foreign exchange derivatives, HDFC Bank has not given any details on this count. “The bank has left as a grey area, which may come up in the first or second quarter of the current fiscal,” said Rakesh Kumar, Banking Analyst of Karvy Stock Broking. But for this the bank’s future outlook also seems strong, Kumar added.
Net profit for year ended March 31, 2008 was Rs.1,590.2 crore, up 39.3 per cent over the previous fiscal, on the total income of Rs.12,398.2 crores, which was up over 50 per cent up against the previous fiscal.
{{/usCountry}}Net profit for year ended March 31, 2008 was Rs.1,590.2 crore, up 39.3 per cent over the previous fiscal, on the total income of Rs.12,398.2 crores, which was up over 50 per cent up against the previous fiscal.
{{/usCountry}}The size of the total balance sheet has risen to Rs.133,177 crores as of March 31, 2008.