Hdfc Bank Q2 Net Up 44% To Rs 69 Crore

HDFC Bank's net profit jumped by 43.8 per cent to Rs 69.3 crore against Rs 48.2 crore for the quarter ended 30 September 2001. The total income also registered an increase of 48.55 per cent, from Rs 329.62 crore to Rs 489.69 crore .

The bank's operating profit went up by 47.21 per cent from Rs 84.13 crore to Rs 123.85 crore. The interest earned for the quarter went up by 41.07 per cent to Rs 413.19 crore from Rs 292.88 crore in the corresponding quarter last year. The total expenditure also grew by 48.95 per cent to Rs 365.83 crore against Rs 245.59 crore last year.

For the half year ended 30 September 2001, the bank's net profit jumped 43.11 per cent from Rs 91.78 crore to Rs 131.35 crore, while total income jumped up by 44.88 per cent to Rs 945.15 crore from Rs 652.36 crore.

Interest earned for the half year ended September 30, 2001, was up by 40.24 per cent to Rs 801.40 crore from Rs 571.43 crore, while total expenditure was up to Rs 707.36 crore from Rs 474.53 crore, a jump of 49.06 per cent.

Profit as per US Gaap rose by 40.13 per cent to Rs 132.32 crore against Rs 94.42 crore for the same period. The net difference between profits according to Indian Gaap and US Gaap was due to accounting for loan loss provisions, deferred stock compensation expenses, amortisation of premium on investments and losses on sales of securities during its merger with Times Bank.

The bank witnessed a growth in savings bank deposits of 66 per cent on a year-on-year basis to Rs 2,313 crore. Customer assets saw a growth of 72 per cent to Rs 8,177 crore from Rs 4,741 crore from the corresponding quarter last year. The bank's capital adequacy ratio stood at 16.5 per cent.

Foreign exchange revenues on the treasury front increased by 41 per cent to Rs 25.6 crore for the half year ended 30 September 2001. Portfolio remained healthy with net non-performing assets at 0.4 per cent of customer assets.