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%