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HDFC Bank net jumps 31% in second quarter

Mumbai, Oct. 10: Driven by growth in retail loans and trading gains, HDFC Bank today reported a net profit of Rs 117.1 crore in the second quarter, registering a 30.6 per cent increase over the corresponding period in the previous year.

While the net profit numbers were slightly ahead of street expectations, HDFC Bank said for the quarter ended September 30, 2003, it earned Rs 726.5 crore against Rs 607.3 crore in the corresponding quarter in 2002.

Net revenues (net interest income plus other income) for the quarter ended September 30, 2003, were Rs 424.1 crore, up 33.9 per cent from Rs 316.8 crore in the year-ago period.

Net interest income (interest earned less interest expended) for the quarter ended September 30 increased by Rs 148.6 crore to Rs 337.8 crore, driven by average asset growth of 39.4 per cent, an improvement in core net interest margin which increased to 3.6 per cent, and higher dividend income of around Rs 40 crore from debt mutual fund investments.

Other income for the quarter was Rs 86.3 crore.

However, there was a loss on sale of investments. HDFC Bank said the loss was due to mark-to-market losses of around Rs 44 crore on debt mutual fund units post receipt of dividends.

“Balance sheet growth remained healthy, driven once again, primarily by retail deposit and loan growth. As on September 30, 2003, total deposits were Rs 25,197 crore, an increase of 28.5 per cent from Rs 19,606 crore on September 30, 2002,” the bank said.

HDFC Bank added that its success in building stable, low-cost retail deposits was reflected in the savings account deposits of Rs 5,992 crore on September 30, 2003, an increase of 61.3 per cent over the year-ago period.

Its core customer assets (including advances, corporate debentures) increased from Rs 10,956 crore as of September 30, 2002, to Rs 15,822 crore, a growth 44.4 per cent.

Retail loans grew 130.9 per cent on a year-on-year basis to Rs 4,555 crore and at present form 32.3 per cent of gross advances against 22.5 per cent of gross advances last year.

Aztec net down

Aztec Software and Technology Services has posted a decline in net profit for the second quarter ended September 2003 at Rs 0.65 crore against Rs 1.69 crore in the corresponding period previous year.

During the period in reference, Aztec's revenues also dipped to Rs 9.81 crore against Rs 13.25 crore in the year-ago period.

However, compared sequentially, both net profit and revenues in the second quarter were higher than the first quarter ended June 2003, according to a company statement here.

S. Parthasarathy, chairman and CEO of Aztec, said, “We are glad to announce a second consecutive quarter of profits and this has been possible due to our undeterred focus on new business development and customer satisfaction.”

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