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HDFC Bank net profit up 30%
 

HDFC Bank net profit up 30%

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    HDFC Bank net profit up 30% HDFC Bank net profit up 30% Document Transcript

    •       powered by bluebytes     Saturday , January 19, 2013   HDFC Bank net profit up 30%   Publication: Hindustan Times , Agency:Correspondent    Edition:Pune/Mumbai , Page No: 18, Location: Middle­Center , Size(sq.cms): 225     HDFC Bank net  profit up 30% BEATS EXPECTATIONS India's third largest lender's  income rises on strong loan growth and higher fee HT Correspondent ■ letters@hindustantimes.com MUMBAI: India's third largest  lender HDFC Bank posted  30% jump in its net profit to  Rs1,859 crore for the October­ December quarter from  Rs1,429.7 crore in the  previous year on strong loan  growth and higher fee and com­ mission income. Total income  grew 22% to Rs10,506.5 crore  from Rs8,622.6 crore in the  corresponding period a year  ago.  The bank's interest income  rose 22% to Rs3,800 crore  while other income, primarily  by way of fee and  commission, grew 27% to  Rs1,800 crore. Notably, the loan  book grew by 24.3% and the  net interest margin, a measure  of profitability, was at 4.1%.  Though HDFC Bank's  result is in line with analysts'  expectat i o n   i t s   g r o s s   n o n­ performance asset ratio rose to 1%  from 0.91% in the previous  quarter.  "The bank, which had until  last quarter outperformed  entire industry by reporting  better asset quality, faced  pressures this time around, as  its gross and net NPA levels,  increased sequentially by 14%  a n d   2 8 % ,  o n   a n   a b s o l u t e   basis," said        V a i b h a v   A g a r w a l ,   v i c e­ president research, Angel  Broking.  HDFC Bank in a statement  said its total balance sheet size  increased by 14.4% to  Rs383,729 crore while its total  net advance s   g r e w   2 4 %   t o   Rs241,493 crore.  "Total deposits were  a t   R s284,119 crore, an  increase of  22.2% over December 31,  2011. Savings deposits grew  16.5% to Rs81,942 crore and  current deposits grew 10.4%  to Rs47,004 crore," it said.  HDFC Bank's share price  w a s  down 1.2% on the BSE at  Rs659 on Friday, largely on  profit booking by investors.