HDFC Bank Q1 net profit up 30 pct at Rs 1,844 cr, shares plunge

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 The Mumbai-based lender, India's third largest in terms of assets, has posted profit growth of more than 30 percent every quarter for the last decade.Reuters The Mumbai-based lender, India's third largest in terms of assets, has posted profit growth of more than 30 percent every quarter for the last decade.Reuters
SummaryBoosted by higher fee income and credit growth, HDFC Bank posted net profit of Rs 18 bn.

Private sector lender HDFC Bank today reported 30 per cent growth in net profit at Rs 1,843.86 crore for the first quarter ended June, 2013.

The bank had earned net profit of Rs 1,417.39 crore in the April-June quarter of the 2012-13, HDFC Bank informed the BSE.

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The total income of the bank rose to Rs 11,588.56 crore in the April-June quarter, from Rs 9,536.9 crore in the same period last year.

The net interest margin for the bank was 4.6 per cent as compared to 4.3 per cent in the same period of the previous year.

As of June 30, 2013, HDFC Bank's portfolio quality remained healthy, with gross non-performing assets (NPAs) at 1 per cent of gross advances and net non-performing assets at 0.3 per cent of net advances.

The bank's Capital Adequacy Ratio (CAR) as of June 30 stood at 15.5 per cent.

Shares of HDFC Bank were trading at Rs 655.90 apiece in the afternoon on the BSE, down 3.35 per cent from their previous close.

HDFC Bank quarterly net profit up 30 pct, bad loans rise, shares plunge

(Reuters) HDFC Bank Ltd posted on Wednesday a 30 percent rise in first-quarter net profits, in line with expectations, boosted by higher fee income and credit growth, but that did not stop its shares from falling over 2 per cent. The Mumbai-based lender, India's third largest in terms of assets, has posted profit growth of more than 30 percent every quarter for the last decade.

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Net profit rose to 18.4 billion rupees ($310.7 million) in the quarter ended June from about 14.17 billion rupees a year earlier. Net interest income grew nearly 21 percent to 44.16 billion rupees. Analysts had expected a net profit of 18.46 billion rupees for the bank. HDFC competes with bigger local rivals like State Bank of India and ICICI Bank.

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Asset quality, valued by the market at about $27 billion, worsened slightly, with net nonperforming loans as a percentage of total assets at 0.3 percent compared with 0.2 percent a year ago. HDFC Bank's conservative lending strategies have helped it maintain consistently strong growth and outperform local peers struggling with an increase in bad loans.

($1 = 59.2150 Indian rupees)

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