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HDFC Bank reports 54.9% jump in net profits - Views on News from Equitymaster
 
 
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  • Jan 18, 2000

    HDFC Bank reports 54.9% jump in net profits

    HDFC Bank has reported a 54.9% jump in profits for 3QFY2000. This was driven mainly by interest income, which went up by 61.3% over the corresponding period last year to Rs 1,600 m and interest expenses that went up by 43.8% in the same period.

    Its income from non-fund based banking activities including commissions, fees, foreign exchange earnings and earnings from debt securities went up from Rs 154 m in 3QFY99 to Rs 348 m in the 3QFY2000, an increase of 126.1% YoY.

    HDFC Bank, promoted by the Housing Development Finance Corporation Ltd., provides a range of banking services including working capital finance, trade services, corporate finance and merchant banking. The bank also offers banking services via the Internet.

    The net profit growth has been driven by higher interest and other income and an improvement in its spreads. Its net profit margins however fell to 14.5% over this period as compared to 15.9% in the 3QFY2000. This could be attributed to higher operating expenses which grew by an astronomical 148% YoY. This was due to the fast pace of expansion undertaken by the bank and the higher operating expenses for the new branches.

    (Rs m) 3QFY2000 3QFY1999 Change
    Interest Income 1,600.4 992.4 61.3%
    Other Operating Income 348.0 153.9 126.1%
    Operating expenses 488.5 197.0 148.0%
    Interest Expenses 910.0 632.9 43.8%
    Depreciation 79.4 31.1 155.3%
    Profit before Tax 470.5 285.3 64.9%
    Tax 188.8 103.4 82.6%
    Profit after Tax 281.7 181.9 54.9%
    Net profit margin 14.5% 15.9%  

    Market View:
    HDFC Bank continues to be a favourite of analysts and is on the 'BUY' list of many of them. Its professional management, strong earnings potential together with its favourable merger with Times Bank (ratio of 1:5.75) makes it a long term favourite of the market.

     

     

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