HDFC, India’s
third-largest bank after State Bank of India and ICICI, has posted
a net profit of INR39.3bn ($883.5m) for the 12 months to 31 March,
an increase of 33.1% from the previous year.
Profit before tax at
HDFC’s retail banking unit almost doubled from INR15.97bn to
INR30.14bn.
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Total assets increased
by 24.7% to INR2.78trn. Deposits rose by 24.6% to INR2.09trn while
net advances rose by 27.1% to INR1.59trn.
Lending growth is
expected to slow in fiscal 2012 as a result of interest rate rises
while margins will be under pressure due to rising deposit interest
rates.
HDFC ended the financial
year with a distribution network of 1,986 branches (a net increase
of 15.1% or 261 outlets during the year) and 5,471 ATMs (an
increase of more than 1,200 ATMs compared with a year
ago).
HDFC’s cost-income ratio
inched up by 10 basis points to 48.8% during the year.
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By GlobalDataThe bank’s customer base
increased to 21.9m by the end of March.
