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HDFC Bank Q1 Net Expected To Be Up 23%
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| HDFC Bank, India’s second largest private bank, is expected to report a rise in first quarter net profit on strong growth in corporate and retail loans, with analysts on average forecasting a 23 per cent rise. |
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| Posted online: Wednesday, July 17, 2002 at 0000 hours IST |
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| Mumbai, July 16: HDFC Bank, India’s second largest private bank, is expected to report a rise in first quarter net profit on strong growth in corporate and retail loans, with analysts on average forecasting a 23 per cent rise. Four analysts estimated the net profit in the April to June quarter to range between Rs 730 million and Rs 790 million, up 19 to 27 per cent from Rs 620 million in the same quarter of the previous year. They projected total income at between Rs 5.2 and 5.9 billion against the previous year’s Rs 4.6 billion. “It has acquired new clients, opened new branches and other infrastructure,” said Seshadri Sen, analyst with brokerage InvestSmart India, referring to aggressive expansion over the past few quarters.
“It would have incurred higher costs, but would have also started to reap the benefits from the expansion in this quarter.” HDFC Bank’s shareprice had risen 0.14 per cent at Rs 210.20 in the afternoon, while the BSE was off 0.74 per cent.
Analysts said India’s retail banking segment has been growing at an estimated 25-35 per cent in recent years and HDFC Bank has been an outperformer. Its retail loans leapt 81 per cent in the year ended March, and accounted for 22 per cent of its total loans portfolio. Treasury income during April-June is expected to have fallen after an 18-month bond rally petered out, pulling earnings and income down on a quarter-on-quarter basis, analysts said. It had posted a net profit of Rs 902 million and total income of Rs 56.6 billion in the March quarter. The New York Stock Exchange-listed bank, founded by India’s leading mortgage financier, Housing Development Finance Corp is a favourite of fund managers.
— Reuters |
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