July 14: HDFC Bank Ltd today posted a 30.5 per cent growth in net profit at Rs 139.97 crore for the first quarter ended June 30, 2004 compared with Rs 107.28 crore in the corresponding previous quarter. Total income increased to Rs 810.59 crore against Rs 709.26 crore in the year-ago period.

Net revenue was Rs 506.8 crore for the quarter, up 23.7 per cent from Rs 409.9 crore a year ago.

HDFC Bank said its balance sheet growth was also healthy, coming from both the retail and corporate segments. As on June 30, 2004, total deposits were Rs 31,406 crore, up 34.6 per cent over Rs 23,340 crore in June 2003.

Net interest income for the quarter increased 43.6 per cent to Rs 398.8 crore, with an average asset growth of 33.9 per cent.

Provisions and contingencies for the quarter stood at Rs 69 crore, primarily comprising general and specific loan loss provisions of Rs 40 crore.

Hero Honda net up

Buoyed by a 33 per cent surge in motorcycle sales, two-wheeler major Hero Honda Motors Ltd today reported a 20 per cent growth in net profit for the quarter ended June 30, 2004 at Rs 190 crore against Rs 157.82 crore in the corresponding period last year. The country’s biggest bike maker posted 30 per cent rise in net sales to Rs 1,722 crore against Rs 1,324 crore in April-June 2003.

Managing director Pawan Munjal said, “We are confident of maintaining a double-digit growth in the coming months.”