HDFC Bank beat market forecast on Wednesday with a 30.2 per cent increase in its net profit for the September quarter of 2009 at Rs 687.5 crore.
The bank had registered a net profit of Rs 528 crore in the corresponding quarter of 2008.
For the half year ended September 30, HDFC Bank posted a 30.4 per cent jump in net profit at Rs 1,293.6 crore.
Total income for the six-month period stood at Rs 10,136 crore, up from Rs 8,849.5 crore in the year-ago period.
Bad debts of the bank decreased with gross non-performing assets (NPAs) falling to 1.8 per cent of gross advances, from 2.1 per cent last year. Net NPAs also fell to 0.5 per cent of net advances as against 0.6 per cent last year.
From corresponding quarter of 2008 to present quarter, bank also saw growth in its distribution network and ATMs. Number of branches grew to 1,506 and ATMs to 3,573 in 635 cities from 1,412 branches and 2,890 ATMs in 528 cities.
Net revenue of the bank for the present quarter, at Rs 2,963.2 crore, saw growth of over 18 per cent compared to same period last year. Total income rose from Rs 4,634.3 crore in the September quarter of 2008 to Rs 4,999.3 crore.
{{/usCountry}}Net revenue of the bank for the present quarter, at Rs 2,963.2 crore, saw growth of over 18 per cent compared to same period last year. Total income rose from Rs 4,634.3 crore in the September quarter of 2008 to Rs 4,999.3 crore.
{{/usCountry}}Non-interest revenue of the bank registered growth of 56.6 per cent. The largest component of the non-interest revenues was fees and commissions of Rs 692.4 crore, up 17.9 per cent over the corresponding quarter ended September 30, 2008.
Shares of HDFC Bank ended the day at Rs 1702.55 on the Bombay Stock Exchange, up Rs 2.15 from Tueday’s close.