Business Daily from THE HINDU group of publications
Wednesday, Jul 11, 2007
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Business Daily from THE HINDU group of publications Wednesday, Jul 11, 2007 ePaper |
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Financial Performance Money & Banking - Financial Performance Corporate Results - Private Banks
Our Bureau Mumbai, July 10 Driven by a surge in other income and healthy growth in deposits and advances, HDFC Bank posted a 34.2 per cent rise in net profit. The bank’s net profit for the first quarter ended June 30, 2007 was at Rs 321.23 crore against Rs 239.3 crore in the corresponding quarter of the previous year. “The bank’s balance sheet has grown significantly with about 32 per cent growth in advances and 34 per cent rise in deposits. The bank has maintained its net interest margin at 4.2 per cent against 4.1 per cent,” said Mr Shashi Jagdishan, Chief Financial Officer, HDFC Bank Ltd. Meanwhile, other income has shown a growth of 77.3 per cent from Rs 290.9 crore to Rs 515.8 crore. The amortisation of premium on investments classified as ‘held to maturity’ has been adjusted against other income unlike in the past when it used to be shown under provisions and contingencies. Consequently, the company has reported a loss of Rs 4.1 crore on sale of investments as against a profit of Rs 290.6 crore in the same quarter last year. HDFC Bank’s shares closed at Rs 1,147.85, against the previous close of Rs 1,168.10 on the BSE.
Related Stories: More Stories on : Financial Performance | Financial Performance | Private Banks | HDFC Bank Ltd
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