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Our bureau

Mumbai, April 23

HDFC Bank’s net profit increased by 34 per cent to Rs 631 crore for the quarter ended March 31, 2009 from Rs 471 crore in the corresponding quarter last year. The rise in profits was on account of substantial growth in fee income.

The results for the period ended March 2009 are of the merged HDFC Bank with Centurion Bank of Punjab, and, therefore, not comparable with the results for the period ended March 2008, which are on a standalone basis for HDFC Bank, said a press release from the bank.

The bank’s board has recommended a dividend of Rs 10 a share having a face value of Rs 10.

In the fourth quarter, the bank’s other income increased substantially by 103 per cent. The main components of other income include fees and commission, which increased by 46 per cent; foreign exchange and derivatives revenues of Rs 153 crore and profit on revaluation and sale of investments of Rs 244 crore.

For the full year 2008-09, the bank reported net profit of Rs 2,245 crore, up 41 per cent from Rs 1,590 crore in 2007-08.

The bank reported a net interest margin of 4.2 per cent.

The bank restructured assets worth Rs 120 crore, of which Rs 69 crore were classified as NPAs. In addition, applications received for loan restructuring which were yet to be approved or implemented amounted to Rs 305 crore, of which Rs 254 crore were classified as NPAs.

Total standard assets which have been restructured or where restructuring is under consideration were, therefore, 0.1 per cent of the bank’s gross advances as of March 31, 2008, said the press release.

During the year ended, the bank raised Rs 2,875 crore of tier II bonds.

On Thursday, shares of HDFC Bank closed at Rs 1,092.5, up from the previous close of Rs 1,089.2.

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

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