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Home > Business > Stock Market News > Hot Pursuits

HDFC Bank edges up

April 16, 2003 12:32 IST

HDFC Bank earned the market's goodwill after posting an impressive 29.2% rise in net profit for the fourth quarter.

By 11:34 IST, the scrip of HDFC Bank rose 1.76% to Rs 245.15. It recorded volumes of 5,553 shares on BSE.

After market hours Tuesday, HDFC Bank said it earned a 29.2% rise in fourth quarter ended 31 March 2003 net profit to Rs 116.62 crore (Rs 116.62 billion) on a 30% increase in net total income to Rs 375.27 crore (Rs 3.75 billion).

Analysts had expected a net profit of Rs 110-120 crore (Rs 1.1-1.2 billion) from the company. Net total income was expected to be around Rs 331-358 crore (Rs 3.31-3.58 billion).

For the full year ended 31 March 2003, HDFC Bank recorded a net profit of Rs 387.6 crore (Rs 3.87 billion) on a net total income of Rs 1,304.11 crore (Rs 13.04 billion). The board of directors have recommended a dividend of 30% for FY 2002-03.

Analysts say the results by the private sector bank are impressive and expect the bank to register a decent growth in future. They think the bank's top line will grow 23-25%. But profit will remain stagnant following a weakness in the area of treasury income.

The bank achieved a healthy growth in its key balance sheet parameters, driven primarily by retail growth. As on 31 March 2003, total deposits were up by 26.7% to Rs 22,376.07 crore (Rs 22.37 billion). It continued to successfully leverage its expanded branch network by 60 branches and 253 ATM's The bank's total assets (advances, corporate debt investments, etc.) witnessed a growth of 28% to Rs 30,424.08 crore (Rs 304.24 billion).

BSE code: 500180

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Source: www.capitalmarket.com

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