India’s second largest private sector lender HDFC Bank has clocked a 44.8% rise in its net profit for the third quarter. The net profit grew to Rs.621.74 Cr during the quarter ended December 31,2008 against Rs. 429.36 crore in the year-ago period.
HDFC Bank executive director Mr.Paresh Sukhtankar said that “the bank is well positioned to maintain the business growth and expects the NPA levels under manageable levels”. The lenders’s total income during the quarter rose 58% to Rs.5,407.89 crore from Rs.3,405.79 crore in the year-ago period. On the other hand, the interest income grew 63% to Rs.4,468.50 crore. The non-interest income jumped around 40% to Rs.934.4 crore from Rs.679.9 crore in the year ago period.
At present, HDFC Bank has a credit port-folio of Rs.71,387 crore, which grew by around 38% year-on-year. Total deposits of the bank stands at Rs1,44,862 crore. “Retail portfolio continues to be a focus area of the bank and contributes 59% to the total advances of the bank. A similar focus will be given to the corporate loan segment also,” He said.
HDFC Bank plans to open nearly 200 branches in the next 12 months and would hire more staff to support its expanding operations, the executive director said. The lender has 1412 branches and 55000 employees. Last year, on May 23, 2008 HDFC Bank merged Centurion Bank of Punjab (CBOP) with itself. The CAR (Capital Adequacy Ratio) of the bank stands at 13.7%.