After provisions and contingencies including specific and general loan loss provisions of Rs 49.6 crore (Rs 38.0 crore) and mark-to-market provisions and amortisation of premia for investments in the held-to-maturity category of Rs 18.3 crore (Rs 2.2 crore), the bank reported profit before tax of Rs 249.4 crore for the half year. The bank also provided Rs 77.3 crore for taxation (Rs 66.1 crore).
Meanwhile, the HDFC Bank stock slipped 2.30 per cent or Rs 4.50 lower compared to its previous close of Rs 199.65 at Rs 195.15 on The Stock Exchange, Mumbai (BSE). The stock closed at a new 52-week low and the total 2.43 lakh shares changed hands on both BSE and National Stock Exchange.
For the half year ended September 30, 2002, the bank earned total income of Rs 1,163.7 crore (Rs 945.2 crore). Net interest income for the half year increased by Rs 96.0 crore to Rs 379.7 crore, driven by strong balance sheet growth and stable spreads, said the bank in a release.
Other income grew by 41.1 per cent to Rs 202.8 crore, of which fees and commissions were Rs 111.7 crore, growing 54 per cent over the corresponding period of the previous year.
As on September 30, 2002, total deposits of the bank were Rs 19,606 crore, an increase of 37 per cent (Rs 14,279 crore). The banks success in building stable, low-cost retail deposits was reflected in the savings account deposits of Rs 3,715 crore, an increase of 61 per cent on a year-on-year basis, the statement issued by the bank said.
The banks customer assets increased to Rs 11,750 crore as of September 30, 2002 (Rs 8,177 crore).
Net profit computed in accordance with US GAAP for half year ended September 30, 2002 was Rs 162.0 crore (Rs 131.3 crore). During the first half of the current financial year, the banks growth in each of its major business franchises and in particular in the retail business was driven primarily by enhanced customer acquisition, accelerated geographic expansion and higher levels of penetration according to the bank.
Total number of retail account increased by 63 per cent to 2.8 million as of September 30, 2002 from 1.7 million on September 30, 2001. In the first six months of the current financial year, the banks branch network expanded to 203 outlets in 102 cities from 171 outlets in 77 cities on March 31, 2002.
Approximately 69 per cent of customer initiated transactions are now serviced through alternate channels such as ATMs, phone banking, Net banking and mobile banking, said the bank. The bank issued cards 60,000 cards since the launch. In the cards merchant acquiring business, the bank has installed about 14,000 point-of-sale (POS) terminals.