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.
Non Interest Income
Profit Before Tax
Profit after Tax
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.
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).
HDFC Bank declared the results for the third quarter of financial year ending March 2017 (3QFY17). The bank has reported 18% YoY and 15% YoY growth in net interest income and net profits respectively in 3QFY17.
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