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Home > Business > Stock Market News > Hot Pursuits

HDFC Bank finds little upward space

January 15, 2003 15:07 IST

HDFC Bank moved off the day's high of Rs 223 as selling pressure emerged on the counter despite the company's meeting expectations of analysts.

By 12:22 IST, the scrip of the private sector bank was trading higher by 0.55 per cent to Rs 219.30. It notched up volumes of 29,848 shares on BSE till then.

In mid-morning trades, HDFC Bank unveiled its third quarter results ended 31 December 2002. For Q3, HDFC Bank recorded a 31 per cent rise in net profit to Rs 98.88 crore (Rs 988.8 million) compared to Rs 75.45 crore (Rs 754.5 million) in the corresponding period in the previous year. Net total income increased 41 per cent to Rs 346.26 from Rs 245.63 crore (Rs 2.456 billion) in DQ 2001.

The 31 per cent rise in net profit fell in line with analysts' expectations of a net profit growth of 29-36.5 per cent to Rs 97.5-103 crore (Rs 975 million to Rs 1.03 billion).

Net total income came in higher than expectations of between Rs 323 crore (Rs 3.23 billion) and Rs 326 crore (Rs 3.26 billion).

The results though satisfying are not considered exceptional. The market had already discounted these results and so profit booking emerged on the counter after the results were announced.

Between 11 December 2002 and 14 January 2003, HDFC Bank rose 16 per cent to Rs 218.10 from Rs 188.

In the current financial year (so far), HDFC Bank's growth in each of its major business franchisees has remained healthy.

Total number of retail accounts increased by over 50 per cent to 3 million from 1.5 million in DQ 2001.

Portfolio quality remained healthy with net non-performing assets at 0.7 per cent of customer assets.

Capital adequacy ratio was 13 per cent against the regulatory requirement of 9 per cent.

As on September 2002, the promoters held 24.43 per cent stake in HDFC bank, while the public, institutions and foreign bodies held 24.89 per cent, 7.08 per cent and 42.39 per cent, respectively.

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Source: www.capitalmarket.com

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HDFC Bank Q3 net at Rs 988.80 mn








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