HDFC Bank profit rises 31 pc

MUMBAI, APR 21: HDFC Bank's net profit soared by 31 per cent from Rs 63.2 crore to Rs 82.4 crore on a total income of Rs 444.2 crore duri...

MUMBAI, APR 21: HDFC Bank’s net profit soared by 31 per cent from Rs 63.2 crore to Rs 82.4 crore on a total income of Rs 444.2 crore during 1998-99. The bank’s board of directors which met on Wednesday recommended a dividend of 10 per cent as against 13 per cent on a capital of Rs 200 crore for the year.

HDFC Bank’s portfolio quality remained stable with net NPAs at 0.73 per cent of customer assets as against 1.2 per cent of March 1998. The bank which has become the first to announce its results in the banking sector has recorded a higher credit growth during the year which has zoomed by 66 per cent from Rs 842 crore to Rs 1401 crore.

The total deposits of the bank have gone up by 33 per cent from Rs 2,192 crore to Rs 2,915 crore. The savings account deposits increased by 95 per cent to Rs 346 crore reflecting the bank’s continued focus on building a stable, low cost retail deposit base.

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The total income of the bank had gone up by 47 per cent from Rs 302.8 crore to Rs 444.2 crore during the year. Theinterest income of the bank registered a 56 per cent rise while the other income has gone up by a meagre 10 per cent.

The total expenditure of the bank has expanded by 58 per cent from Rs 197,77 crore to Rs 312,28 crore during the year. The bank has paid tax amounting to Rs 34.45 crore during the year. The corporate banking business made significant progress during the year adding new relationships as well as increasing volumes in the trade services and cash management business.

The treasury division also achieved significant growth in its investment advisory services for high networth clients. The bank achieved phenomenal growth in the depository participant business with the total number of investor accounts touching 50,000 by March 1999.