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HDFC Bank posts 27% growth in net - Views on News from Equitymaster
 
 
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  • Oct 15, 1999

    HDFC Bank posts 27% growth in net

    HDFC Bank has reported a 55% top line growth, even as net profits jumped 27% during the second quarter of the current financial year (2QFY2000).

    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.

    (Rs m) 2QFY2000 2QFY1999 Change
    Interest Income 1,438 864 66.4%
    Non Interest Income 270 179 50.8%
    Total Income 828 536 54.5%
    Depreciation 53 39 35.9%
    Interest 881 507 73.8%
    Profit Before Tax 441 316 39.6%
    Tax 161 96 67.7%
    Profit after Tax 280 220 27.3%
           
    (Rs bn)      
    Deposit 39.47 22.55 75.0%
    Advances 23.7 12.1 95.9%

    The bank has recorded a 99% jump in low cost savings deposits at Rs 39.5 bn during the period. The advance deposit ratio has improved considerably, leading to a jump in interest income.

    HDFC Bank has been aggressively expanding its retail network, which presently covers 20 cities. It plans to expand its reach to 25 cities and also increase the number of branches 13 to 75. This will further enable the bank in beefing up its low cost deposit base, a competitive advantage the bank already enjoys.

    HDFC Bank's venture into value added services, too, seems to paying it rich dividends. Non interest income jumped sharply to Rs 270 m, up 51% YoY.

    Market View:
    The stock has been rated a 'BUY' mainly on account of its excellent management, strong promoters and the efforts taken by them to control the non performing assets (NPAs).

     

     

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