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Monday, July 19, 2010

HDFC Bank Q1 net profit up 33.83% at Rs 811 cr,Stock Tip, Latest Share Price



India's third largest lender HDFC Bank has announced its results for the quarter ended June 2010. It has reported net profit at Rs 811 crore as against Rs 606 crore, a growth of 33.83% on year-on-year basis (YoY).
Net interest income (NII) went up 29.43% to Rs 2401 crore from Rs 1855 crore, (YoY).

Numbers were better-than-expectations; CNBC-TV18 expected net profit at Rs 807 crore and NII at Rs 2353 crore.
Gross non-performing assets (NPAs) declined to 1.21% versus 2.05%. Net interest margins increased a bit to 4.3% from 4.2%.
Provisions were lower at Rs 555 crore versus Rs 658.82 crore. Other income declined to Rs 939.9 crore from Rs 1043.65 crore.
Gross advances grew by 40% while deposits by 25.6%. CASA was at 49% versus 45%.

In a press conference, management of HDFC Bank said:

-Advances grew by 40%, core advance growth of 30%
-Deposit growth was 26%
-CASA at 49.2% versus 45% (YoY)
-NIMs stood at 4.3%
-Cost to income ratio down to 47.7%
-Net NPA at 0.3%
-NII remains major portion of revenues
-Gross NPAs at 1.2% versus 2.02%
-Restructured loans at 0.6%
-Some of the loans were 1-time demand due to 3G loans
-18 bps impact due to shift to daily interest rate
-Margin expected to move in range
-Will grow higher than banking sector credit growth
-Core growth momentum remains strong
-See corporate segment outpacing retail
-Retail loan growth has also picked to 20-22%


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