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HDFC Bank: No complains

Jul 14, 2004

HDFC Bank has sustained good financial performance in the face of improving credit offtake as well as higher competition. For 1QFY05, while the topline has risen by a strong 22% YoY, the bottomline has increased by an even higher 31% YoY. The improvement in the bank's bottomline is seen despite a fall in its other income. The bank continues to keep its interest costs low and this has significantly helped the growth in net interest income.

(Rs m) 1QFY04 1QFY05 Change
Income from operations 5,771 7,026 21.7%
Other Income 1,322 1,080 -18.3%
Interest expense 2,994 3,038 1.5%
Net interest income 2,777 3,988 43.6%
Other expenses 1,820 2,308 26.9%
Operating Profit 957 1,680 75.4%
Operating Profit Margin (%) 16.6% 23.9%  
Provisions and contingencies 702 690 -1.7%
Profit before Tax 1,578 2,070 31.2%
Tax 505 670 32.8%
Profit after Tax/(Loss) 1,073 1,400 30.5%
Net profit margin (%) 18.6% 19.9%  
No. of Shares (m) 283.2 285.8  
Diluted earnings per share (Rs)* 15.2 19.6  
P/E ratio (x)   18.7  
*(annualised)      

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