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HDFC Bank (NYSE: HDB) declined 2% on the NYSE after reporting Q1 earnings on Friday.

Highlights from HDFC's quarter include:

* 30% rise in net profit to Rs 239.30 crore in the first quarter ended June 30 compared with Rs 183.53 crore.
* 60% growth in total income to Rs 1,855 crore.
* Net interest income for the first quarter increased 56.1% to Rs 817.6 crore, while the net interest margin remained unchanged at 4%.
* Other income stood at Rs 350.79 crore, an increase of 33.10% over Rs 263.55 crore on June 30, 2005.
* Fee income grew 35% during the first quarter to Rs 290.6 crore.
* Paresh Sukhtankar, country head - credit & market risk, HDFC Bank said, “Rising yields have been a concern. This has resulted in an impact on the valuation of our corporate bond portfolio.”
* Total advances grew 47% to Rs 40,560 crore from Rs 27,591 crore in 2005-06Retail loans, which constituted 56% of gross advances, stood at Rs 23,121 crore.
* The bank’s deposits stood at Rs 60,630 crore on June 30, up 58.1% over Rs 38,354 crore on June 30, 2005.
* Net non-performing assets remained unchanged at 0.4%, while gross NPAs stood at 1.25%.
* The bank’s branch network increased to 535 outlets in 228 cities as against 495 outlets in 217 cities in June 2005.
* As of June 2006, the number of debit cards issued by the bank crossed four million, while credit cards issued touched the 2.5-million mark.

(Source: Business Standard and Financial Express)

HDB 1-yr chart:

HDB 1-yr chart

Source: HDFC's Recent Quarter Marked by 60% Income Growth (HDB)