HDFC Bank Q2 net up; first-half profit at Rs 224 crore
Mumbai: HDFC Bank has reported a 30.6-per cent increase in net profit at Rs 117.14 crore for the second quarter ended 30 September 2003-04, up from Rs 89.69 crore in the corresponding period of the previous year. The second quarter's growth is in line with the projected annual growth of 25-30 per cent. For the half-year ended 30 September 2003, the bank posted a net profit of Rs 224.42 crore (Rs 172.1 crore) and has average spreads as high as 3.60 per cent. The NYSE-listed bank posted higher net profits as per US GAAP accounting standards with a net profit of Rs 236.6 crore for the half year (Rs 161.9 crore).

Interest earned has increased by 33.4 per cent to Rs 640.24 crore (Rs 479.64 crore). Total income has increased to Rs 726.50 crore (Rs 607.28 crore) as total expenditure rose to Rs 497.15 crore (Rs 429.55 crore). Other income saw a fall to Rs 86.26 crore (Rs 127.64 crore). The bank moved to the 90-day norm for recognition of non-performing assets and has one of the lowest ratios of net non-performing assets to customer assets of 0.37 per cent. Provisions and contingencies have almost doubled to Rs 63.76 crore (Rs 43.36 crore).
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IL&FS Investsmart to scale up PMS
Kolkata: IL&FS Investsmart plans to scale up its portfolio management scheme with a view to cater to more investors in the medium net worth segment in addition to large, bulge-bracket clients. The company sees significant opportunities emerging from what it identifies as the `middle market', comprising clients who can use its services to invest between Rs 10-50 lakh.

Il&FS Investsmart, said Hemang Raja, MD & CEO, will aggressively promote its wealth management initiatives, particularly among new clients. It has also proposed to offer a range of facilities, including advisory services, equity broking and distribution of financial products. "We will urge customers, especially those who simply use our advice, to try our PMS", he said. The company will provide them with personalised services. The idea is to present each with a tailor-made solution, one that is based on unique characteristics such as personal objectives and return expectations.
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Rs 11,000-crore offer oversubscribed
Mumbai: The RBI's open market operation to absorb Rs 11,000 crore worth of liquidity from the bond market was a success, and was oversubscribed by almost Rs 9,000 crore. The 5.48 per cent 2009 paper, which was on sale for a notified amount of Rs 5,000 crore, received a total of 186 bids amounting to Rs 9,952 crore. Of these, 39 bids worth Rs 5,000 crore were accepted at a cut-off price of Rs 103.60.

The YTM on this paper is 4.74 per cent. The 6.17 per cent 2023 paper, which was auctioned for a notified amount of Rs 6,000 crore, received a total of 368 bids amounting to Rs 9,993 crore. Of these, 246 bids were accepted, worth Rs 6,000 crore, at the cut-off price of Rs 105.51. Bond dealers said that the cut-off prices fixed for the papers was in line with market expectations and the outlook for the market continues to be bullish, with no immediate concerns of a tightening in liquidity.
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