HDFC Bank net profit up over 31 per cent at Rs2,948.7 crore

HDFC Bank Ltd, India's top housing loan provider, today reported a net profit of Rs2,948.7 crore for the financial year ended 31 March 2010, up 31.3 per cent over the year ended 31 March 2009.

Consolidated net profit of the bank increased 33.6 per cent to Rs3,003.7 crore for the year ended 31 March 2010.

The bank earned a total income of Rs19,980.5 crore during the year ended 31 March 2010. Net revenues (net interest income plus other income) for the year ended 31 March 2010 were Rs12,194.2 crore, up 13.8 per cent from over Rs10,711.8 crore in the year ended 31 March  2009.

HDFC board recommended a dividend of Rs36 per equity share of Rs10 each for the financial year 2009-10 (previous year: Rs30 per equity share) .

The board also approved sub-division of the bank's shares from Rs10 each to the nominal value of Rs2 each, subject to the approval of the members at the 33rd annual general meeting (AGM), the corporation informed the Bombay Stock Exchange (BSE).

For the quarter ended 31 March 2010, the bank earned total income of Rs4,956.7 crore. Net revenues (net interest income plus other income) were Rs3,254.9 crore for the quarter ended 31 March 2010 against Rs2,966.7 crore for the corresponding quarter ended 31 March 2009.

Net interest income (interest earned less interest expended) for the quarter ended 31 March 2010 was Rs2,351.4 crore, up 27 per cent over the quarter ended 31 March 2009. This was driven by loan growth and a core net interest margin for the quarter of 4.4 per cent.