HDFC Bank Ltd., the second largest private sector bank in India, announced financial results for the second-quarter, reporting higher net profit on strong growth in non-interest income.
The Mumbai-based bank posted second-quarter net profit of Rs.687.46 crore or Rs.15.90 per share, compared with Rs.527.98 crore or Rs.12.30 per share reported for the same period last year. Net profit and earnings per share grew 30.2% and 29.3% respectively.
Net interest income during the quarter rose 5% to Rs.1,955.76 crore from Rs.1,866.45 crore reported in the corresponding quarter last year, with net interest margin at 4.2%, compared to 4.1% for the quarter ended June 30, 2009.
Non-interest income for the quarter rose 56.7% to Rs.1,007.40 crore from Rs. 643.11 crore reported in the same period last year.
Total income of the bank during the quarter was Rs.4,999.29 crore, up 8% from Rs.4,634.32 crore in the prior year quarter.
The operating profit, before provisions and contingencies, for the quarter increased 42% to Rs.1,593.00 crore from Rs. 1,122.85 crore in the prior year quarter.
For the first six months, the bank reported net profit of Rs.1,293.57 crore, compared with Rs. 992.33 crore for the comparable period in 2008, reflecting a growth of 30.4%.
For the six-month period, net interest income rose 6.2% to Rs.3,811.34 crore from Rs. 3,589.92 crore in the corresponding period last year, while non-interest income was Rs.2,051.05 crore, up 66% from Rs.1,236.53 crore for the six months period ended September 30, 2008.
For the six-month period, the total income was Rs.10,136.04 crore, up 14.5% from Rs.8,849.47 crore for the six-month ended September 30, 2008.
The total deposits of the bank as at the end of September 30, 2009 were Rs.149,805 crore, up 12% from Rs.133,781 crore as on September 30, 2008, while gross advances were Rs.115,104 crore, an increase of Rs.9,816 crore during the quarter.
The gross NPA as at the end of September 2009 was Rs.2,206.88 crore, up 31.7% from Rs.1.675.94 crore as at September 30, 2008, while gross non-performance Assets as a proportion of gross customer assets were at 1.76%, down from 1.57% at the end of September 2008.
The net NPAs as at September 30, 2009 increased 3.1% to Rs.602.43 crore from Rs.584.12 crore at the end of September 2008, whereas the net performance assets as a proportion of net customer assets were at 0.5% as at the end of September 2009, down from 0.6% in the previous year.
The capital adequacy ratio of the bank rose to 15.7% from 11.4% as on September 30, 2008.
As of September 30, 2009, the bank's distribution network grew to 1,506 branches and 3,573 ATMs in 635 cities, compared to 1,412 branches and 2,890 ATMs in 528 cities as of September 30, 2008.
At the BSE, HDFC Bank shares are currently trading at Rs.1,699.50, down by Re.0.90 or 0.05% on a volume of 1.59 lakh shares. The scrip touched an intraday high of Rs.1,727.00 and a low of Rs.1,685.00.
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