Excelsior Correspondent
MUMBAI, Apr 18: The Board of Directors of HDFC Bank Limited approved the annual audited (Indian GAAP) accounts for the year ended March 31, 2012 at their meeting held here today.
The Bank’s total income for the quarter ended March 31, 2012 was Rs 8,880.0 crore, an increase of 32.1% over Rs 6,724.3 crore for the quarter ended March 31, 2011. Net revenues (net interest income plus other income) was at Rs 4,880.3 crore for the quarter ended March 31, 2012 as against Rs 4,095.2 crore for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended March 31, 2012, grew by 19.3% to Rs 3,388.3 crore as against Rs 2,839.5 crore for the quarter ended March 31, 2012. This was driven by loan growth of 22.2% and a core net interest margin for the quarter of 4.2%.
The HDFC handout added that other income (non interest revenue) for the quarter ended March 31, 2012 was Rs 1,492.0 crore up by 18.8% over that in the corresponding quarter ended March 31, 2011. The main contributor to other income for the quarter was fees and commissions of Rs 1,237.3 crore, up by 23.7% over Rs 1,000.6 crore in the corresponding quarter of the previous year. The other two components of other income were foreign exchange and derivatives revenue of Rs 325.2 crore.
Operating expenses for the quarter wre Rs 1,247.1 crore, an increase of 23.5% over Rs 1,998.4 crore during the corresponding quarter of the previous year. The Bank’s branch distribution network expanded by 558 branches in 403 new cities during the year resulting in a core cost-to-income ratio for the quarter at 49.8% as against 48.9% for the corresponding quarter ended March 31, 2012.
For the year ended March 31, 2012, the Bank earned total income of Rs 32,530 crore. Net revenues for the year were Rs 17540.5 crore, up by 19.2% Rs 14,878.3 crore for the corresponding previous year. Bank’s net profit for the year ended March 31, 2012 was Rs 5,167.1 crore, up by 31.6% over the year ended March 31, 2011. Consolidated net profit for the Bank increased by 31.4% to Rs 5,247 crore for the year ended March 31, 2012.
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