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HDFC Bank reports profits of Rs 463 m in 1Q - Views on News from Equitymaster
 
 
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  • Jul 13, 2000

    HDFC Bank reports profits of Rs 463 m in 1Q

    HDFC Bank has registered a YoY 83% jump in the net profits to Rs 464 m on a turnover of RS 2.8 bn in the 1QFY01. The figures for the current year are not comparable with the corresponding previous period as Times Bank Ltd has merged the bank effective from February 26, 2000.

    (Rs m) 1QFY00 1QFY01 Change
    Interest Income 1,200 2,786 132.1%
    Other Income 184 442 139.8%
    Interest Expenditure 719 1,571 118.4%
    Operating Profit (EBDIT) 481 1,214 152.5%
    Operating Profit Margin (%) 40.1% 43.6%  
    Other Expenditure 246 841 242.1%
    Depreciation 53 122 132.2%
    Profit before Tax 367 694 89.0%
    Tax 114 230 102.2%
    Profit after Tax/(Loss) 253.20 463.50 83.1%
    Net profit margin (%) 21.1% 16.6%  
    No. of Shares (m) (eoy) 200.0 243.3  
    Diluted Earnings per share* 4.2 7.6  
    *(annualised)      

    The bank's other operating income relates to income from non fund based banking activities including commission, fees, foreign earnings and earnings from debt securities.

    The bank has also annonunced the 50:50 joint venture with I-flex solutions Ltd. to offer its product 'Flexcube' on an application service provider model and will target small and medium banks. While HDFC Bank will bring its expertise in the banking industry, i-flex will provide the back office technology. The venture will be ready to undertake its first transactions six-eight months from now and will operate on a pay for usage model.

    At the current market price of Rs 271, HDFC Bank is trading at a P/E of 36 times its 1QFY01 annualised earnings.

     

     

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