HDFC Bank net profit up by 39.3 pc in fiscal 2008

Written by:
Subscribe to Oneindia News

Mumbai, Apr 24 (UNI) HDFC Bank today announced 50.7 per cent jump in its net revenue, with the net profit up by 39.3 per cent at Rs 1,590.2 crore in 2007-08 The board of the bank, which approved the audited results for fiscal 2008, saw the net revenue increasing to Rs 7,511 crores, up by 50.7 per cent over Rs 4,984.7 crores for the year ended March 31, 2007, the bank said in a release here.

The total balance sheet size increased by 46 per cent from Rs 91,236 crores as of March 31, 2007 to Rs 133,177 crores as of March 31, 2008. Deposits increased by 47.5 per cent to touch Rs 100,769 crores, with a savings account deposits of Rs 26,154 crores and current account deposits at Rs 28,760 crores. The CASA mix continued to remain healthy at around 54.5 per cent of the total deposits as on March 31, 2008.

Net advances as on March 31, 2008 were at Rs 63,427 crores, an increase of 35.1 per cent over March 31, 2007. The Bank's total customer assets (including advances, corporate debentures, investments in securitised paper and other net of loans securitised and participated out) were at Rs 70,403 crores as on March 31, 2008.

The board of directors recommended an enhanced dividend of 85 per cent for the year ended March 31, 2008, as against 70 per cent for the previous year.

In Q4 the bank earned total income of Rs 3,505.5 crores, as against Rs 2,321.0 crores in the corresponding quarter ended March 31, 2007, registering a growth of 51 per cent. After providing Rs 152.5 crores for taxation, the bank earned a net profit of Rs 471.1 crores, an increase of 37.1 per cent over the quarter ended March 31, 2007.

In June 2007, the bank allotted 1,35,82,000 equity shares on a preferential basis to HDFC Limited, aggregating to Rs 1,390 crores.

In July 2007, the bank made a public offering of 6,594,504 American Depository Shares (ADS), aggregating to Rs. 2,393 crores (net of underwriting discounts and commissions).

The Bank's total Capital Adequacy Ratio (CAR) as on March 31, 2008 stood at 13.6 per cent, as against the regulatory minimum of 9 per cent. Tier-I CAR was 10.3 per cent as against 8.6 per cent as on March 31, 2007.

More UNI VK SR AG1523

Please Wait while comments are loading...