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HDFC Bank profit up 21%

Mumbai, July 21: HDFC Bank today reported a 21 per cent growth in net profit for the first quarter ended June — its lowest profit growth in a decade.

The country’s second-largest bank posted a net profit of Rs 2,233 crore against Rs 1,844 crore in the year-ago period. Analysts had expected profits in the region of Rs 2,300 crore.

At a conference call, HDFC Bank attributed its performance to a lower loan growth.

There was also a marginal deterioration in the bank’s asset quality with gross non-performing assets (NPAs) in absolute terms rising to Rs 3,356 crore from Rs 2,989 crore in the preceding quarter. This resulted in provisions increasing to Rs 483 crore from Rs 286 crore in the March quarter..

However, net interest income (interest earned minus interest expended) rose 17 per cent to Rs 5,171.6 crore from Rs 4,418.7 crore in the quarter ended June 30, 2013.

Net interest margin was stable at 4.4 per cent.

Advances grew nearly 21 per cent to Rs 312,109 crore. Total deposits increased 23 per cent to Rs 372,074 crore.

Savings account deposits grew 18.1 per cent over the previous year to Rs 105,639 crore, while current account deposits touched Rs 54,348 crore.

Meanwhile, HDFC — the largest housing finance company in the country — reported a 15 per cent growth in standalone net profit at Rs 1,344.66 crore in the first quarter ended June against Rs 1,173.10 crore in the year-ago period.

On a consolidated basis, net profit rose around 10 per cent to Rs 1,872.9 crore from Rs 1,707.1 crore a year ago.

Total income (consolidated) increased to Rs 10,056.07 crore from Rs 8,482.85 crore in the year-ago period.

 
 
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