Thursday, 19 April 2012

News Hour :HDFC Bank Q4 profit up 30% at Rs 1453 crore

MUMBAI: HDFC Bank, India's third largest lender by assets, reported a 30.3 per cent rise in fourth-quarter net profit, beating analyst forecasts, helped by higher fee income and credit demand as well as lower provisions for loan losses.

The Mumbai-based bank's net profit was Rs 1453 crore ($282 million) in the fiscal fourth quarter ended March 31 compared with Rs 1114.7 crore reported a year earlier.

Analysts, on average, had expected a net profit of Rs 14.3 billion for HDFC Bank, which is also listed in New York , according to Thomson Reuters I/B/E/S.

HDFC Bank's net advances grew 22.2 per cent from a year ago to Rs 1.95 trillion as of end-March.

The lender reported steady asset quality, with the ratio of net non-performing assets to net advances at 0.2 per cent as of end-March, unchanged from a year ago period.

The Reserve Bank of India reduced rates by an unexpectedly sharp 50 basis points on Tuesday to boost the sagging economy, which has fuelled expectations of increased demand for credit from corporate as well as retail customers.

Rates were raised 13 times by the central bank between March 2010 and October 2011 to contain price rises, putting pressure on some Indian banks' asset quality and slowing down the pace of credit growth in Asia's third-largest economy.

At 1:09 PM shares in HDFC Bank were trading at Rs 537.35, up, 1.22% on the Bombay Stock Exchange.

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