HDFC Bank profit up 30%

HDFC Bank posted a 30 pc jump in net profit at Rs 152.29 crore for the second quarter ended September 2004 as compared to Rs 117.14 crore fo...

HDFC Bank posted a 30 pc jump in net profit at Rs 152.29 crore for the second quarter ended September 2004 as compared to Rs 117.14 crore for the corresponding period last fiscal.

Total income increased to Rs 867.42 crore during the July-September quarter 2004 as against Rs 730.91 crore during the previous quarter of the last fiscal.

Net revenues (net interest income plus other income) for the quarter were Rs 548.3 crore, up 28.0 per cent over Rs 428.5 crore for the corresponding quarter of the previous year. Interest earned (net of loan origination costs) increased from Rs 644.7 crore in Q2, 2003 to Rs 744.7 crore for the Q2 of this fiscal.

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Net interest income (interest earned less interest expended) for this year’s quarter increased by Rs 83.4 crore to Rs 425.6 crore.

The bank decided to raise additional capital through American Depository Shares issue up to an aggregate of $300 million including a green shoe option up to 15 per cent. Subject to regulatory approvals, the board proposes to increase its shareholding in the equity share capital of HDFC Seurities to 59 per cent from the present 29.5 per cent.

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