Thursday, 16 October 2008

Advances, deposits grew 30% in Q2 FY09: HDFC Bank

HDFC Bank's standalone Q2 FY09 net profit stood at Rs 528 crore as against Rs 368.48 crore in the same period last year.

Commenting on the quarter gone by, Paresh Sukthankar, Executive Director, HDFC Bank, said both advances and deposits grew by about 30%. "We saw some increase in retail non-performing loan, but asset quality still remains fine. Gross NPAs stood at 1.57%, while net NPAs came in at 0.57%. The bank's net interest margins stood at 4.2%."

According to Sukthankar, it may take a little longer for interest rates to come down. "We are hoping for a policy rate cut, but don't expect one in the near future.

He said the bank has no exposure to foreign investments.

Source: Moneycontrol

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