HDFC Bank Q1 net profit rises 31% to Rs 140 cr

HDFC Bank announced a 30.5 per cent jump in net profit for the first quarter (April-June) of financial year 2004-05 at Rs 139.97 crore against Rs 107.28 crore recorded in the corresponding quarter of the previous year.

Profit before tax was up 31.2 per cent at Rs 207 crore. The bank has provided for Rs 67 crore for taxation.

For the quarter ended June 30, 2004, the bank earned total income of Rs 810.6 crore (Rs 709.3 crore). Net revenues (net interest income plus other income) were Rs 5068 crore, up 23.7 per cent from Rs 409.9 crore for the corresponding quarter of the previous year.

Interest earned increased from Rs 577.1 crore to Rs 702.6 crore while net interest income (interest earned less interest expended) for the quarter increased by 43.6 per cent to Rs 398.8 crore.

Other income was at Rs 108 crore, consisting principally of fees and commissions of Rs 144 crore (Rs 60.8 crore), foreign exchange and derivatives revenues of Rs 27.9 crore (Rs 28.8 crore) and a loss on sale/ revaluation of investments to the tune of Rs 65.2 crore (a profit of Rs 42.3 crore in Q1 of 2003-04).

As on June 30, 2004, total deposits of the bank were at Rs 31,406 crore, an increase of 34.6 per cent over Rs 23,340 crore as of June 30 last year.

HDFC Bank's core customer assets (including advances, corporate debentures, CPs, etc) increased from Rs 14,113 crore last year to Rs 19,543 crore "" a growth 38.5 per cent.