HDFC Bank Ltd has reported a 30.48 per cent rise in net profit at Rs 387.6 crore (Rs 3.87 billion) for the fiscal ended March 31, 2003, compared to Rs 297.04 crore (Rs 2.97 billion) posted in the previous fiscal.
The board has recommended a 30 per cent dividend for FY-03 as against 25 per cent in the last fiscal, an HDFC Bank release said here on Tuesday.
Total income also rose to Rs 2,496.07 crore (Rs 24.96 billion) in FY-02, it said.
For the fourth quarter ended March 2003, the net profit increased to Rs 116.62 crore (Rs 1.16 billion) while total income stood at Rs 686.07 crore (Rs 6.86 billion).
Deposits in FY-03 increased by 27 per cent at Rs 22,376 crore (Rs 22.376 billion). Savings account deposits rose by 58 per cent at Rs 4,663 crore (Rs 46.63 billion).
HDFC Bank said advances grew by 72.5 per cent to Rs 11,755 crore (Rs 117.55 billion) with total retail advances constituting 29 per cent (21 per cent) as on end-March 2003.
The bank has, in line with International Accounting Standards, amortised the commissions paid net of commissions/subventions received, over the tenor of the loans on a yield to maturity basis.
Consequently, net profit for Q4 and FY-03 is higher by Rs 4.79 crore and Rs 17.96 crore respectively. Had the bank followed the revised accounting policy in the previous year, then the net profit would have been higher by Rs 1.73 crore and by Rs 4.44 crore respectively for the quarter ended and year ended March 31, 2002, it said.