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Our Bureau

Mumbai, Oct 12

A healthy interest income from higher advances helped HDFC Bank post a 40 per cent increase in net profit for the quarter ended September 2007. It was also able to maintain its net interest margin at four per cent (3.8 per cent last year).

The net profit rose to Rs 368.48 crore from Rs 262.94 crore in the corresponding quarter last year.

Mr Paresh Sukhtankar, Head – Credit and Market Risk, HDFC Bank, said “Relative to loan yields, our deposit costs have not gone up.” Income grew by 44 per cent to Rs 2,845.14 crore (Rs 1,975.75 crore).

Mr Hitesh Agarwal, Vice-President, Angel Broking, said, “Strong growth in net interest income was on back of strong growth in advances, robust NIMs, stable current account-savings account ratio and higher share of retail advances.”

Retail advances, which grew 37.1 per cent forms 55.1 per cent of total advances. Within the retail portfolio, segments such as business banking (lending to small business and loans against property), car loans, personal loans and credit cards did better than two-wheeler loans and loans against securities, Mr Sukhtankar said.

More Stories on : Banking | Financial Performance | Private Banks | HDFC Bank Ltd

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