Hdfc Bank Q3 Profit Rises 43% To Rs 75.45 Crore

HDFC Bank has reported a 42.89 per cent rise in net profit for the third quarter ended December 31, 2001 at Rs 75.45 crore against Rs 52.80 crore recorded in the corresponding period of the previous year. Net profit for the nine months to December 31, 2001 increased 43.03 per cent to Rs 206.8 crore from Rs 144.58 crore.

HDFC Bank managing director Aditya Puri said: "At the beginning of the year we had said that the bank is expected to grow at 25 to 30 per cent on a compounded basis for the next couple of years. The results are in line with this. We see no reason to change the expectations."

The interest income of the bank for the third quarter increased 35.61 per cent to Rs 439.56 crore (Rs 325.21 crore). Other income has risen 79.86 per cent to Rs 85.51 crore (Rs 47.54 crore).

The bank has, however, showed a sharp spurt in provisions and contingencies for the third quarter -- from Rs 4.9 crore to Rs 27.58 crore. Provisions for the nine months to December 31, 2001, was up 55 per cent at Rs 67.94 crore (Rs 43.72 crore).

The total deposits as on December 31, 2001, increased 34 per cent to Rs 15,133 crore (Rs 11,296 crore). Savings account deposits grew by 60.2 per cent to Rs 2,551 crore in the year from December 31, 2000 to December 31, 2001. Advances increased 40 per cent from Rs 6,302 crore on December 31, 2000 to Rs 8,824 crore as on December 31, 2001.

The total number of retail accounts increased from 1.4 million as on March 31, 2001 to over 1.9 million as on December 31, 2001. The branch network was expanded to 147 outlets in 63 cities from 131 outlets in 53 cities in March 2001, while the ATM network increased from 207 in March 2001 to 363 in December 2001.