HDFC Bank records Rs 125 m profit

HDFC Bank recorded an impressive growth in after tax profits by 124 percent in the nine months ended September 30, 2010. The bank has recorded a profit after tax of Rs 125 million for this period against yoy profit of Rs 56 million recorded for the 3Q of 2009.

HDFC Chairman S Wickramasinghe

The total income of the bank grew by 4 percent to Rs 1.8 billion for the nine months against Rs 1.7 billion recorded on the same period for 2009.

The marginal growth is attributable to the declining scenario on interest rates on advances, in line with the market rates.

The group profit has also improved from an impressive Rs 294 million up to September 30, 2010, against 104 million recorded up to September 30, 2009.

This is a yoy growth of 181 percent. The EPS also reflects a growth of 124 percent for the same period. The profit recorded by the bank is after provision of Rs 120 million for its fully owned Subsidiary.

In the first nine months of 2010 the bank also recorded an impressive growth of 16 percent in fixed deposits and phenomenal growth of 40 percent in savings in the current year.

Non interest income has also improved by 129 percent for the same period.

The loan applications processed have increased from 35 percent to 5037.