India's HDFC bank has reported an increase of 30.35% to Rs 1,453.08 crore in the fourth quarter till March 2012, compared to Rs 1,114.71 crore in the same quarter till previous year.
India's second largest private sector bank by assets announced its results, which were mostly in line with analyst expectations, on Wednesday. The increase was mainly due to higher interest income despite a fall in bank's provision for bad loans and tax contingencies.
Mumbai, April 18 - HDFC Bank, India's second-largest private lender, Wednesday reported a 30.4 percent increase in its net profit at Rs. 1,453.1 crore for the quarter ended March 31, 2012, led by higher interest rate margins and stable asset quality.
The bank had reported a net profit of Rs. 1,429.6 crore in the corresponding quarter of 2010-11.
The lender's total income increased 32.1 percent at Rs. 8,880 crore in the quarter under review from Rs. 6,724.3 crore in the corresponding quarter of 2010-11.
The HDFC Bank has said that it believes that the borrowing numbers are more credible than the forecasts for the financial year 2012.
The lender said that the government has budgeted a strong growth in capital expenditure during the coming year. A minimum slippage of Rs 30,000 cr could be expected in borrowing”, it said.
It pointed out that yields would face pressure due to the absence of open market option (OMO) activity. The real estate interest rates in the country are expected to be within manageable levels.
Stock market expert Hemant Thukral from Aditya Birla Money has suggested buy call for HDFC Bank on decline. There has been good activity in some mid cap PSU banks in recent times. Some banks have given good returns in year 2012. However, Hemant Thukral is bearish on smaller PSU banks.
He expects HDFC Bank and ICICI Bank to perform better and suggests buy call for HDFC Bank on decline.
Technical expert Sudarshan Sukhani of s2analytics.com has suggested buy call for BPCL. BPCL is currently trading at Rs 650.
Though Indian private banks like ICICI and HDFC favored the policy of dual interest rate housing loans, other banks are unlikely to go the same direction.
Perhaps the reason lies in the fact that there are many provisioning requirements which could pose a huge roadblock for banks, though ICICI and HDFC think otherwise.
Even the largest lender, SBI, had withdrawn its hands from the loan scheme, post acknowledging the same.
The Bombay Stock Exchange showed HDFC bank at a growth by 33.7% in the revenue amounting to Rs 1,085 crore, in the first three months of the financial year up to June 2011. The total profit earned by June 2010, amounted to Rs 811 crore.
The income generated by the bank by the end of June 2011, increased to an amount of Rs 7,098 crore, which was 5,410 crore in the same period last year, an increase of 31.2%. The balance sheet of this year grew by 22.6%, amounting to Rs 2, 85,942 crore at the end of June.
Technical analyst Simi Bhaumik has maintained 'buy' rating on HDFC Bank Limited stock to attain an intra-day target of Rs 2393.
According to analyst, the investors can buy the stock with a stop loss of Rs 2335.
The stock of the company, on April 27, closed at Rs 2354.95 on the Bombay Stock Exchange (BSE).
Current EPS & P/E ratio stood at 84.70 and 27.81 respectively.
The share price has seen a 52-week high of Rs 2518 and a low of Rs 1816 on BSE.
Technical analyst Jatinder Sharma has maintained 'buy' rating on HDFC Bank stock to attain a short term target of Rs 2220.
According to analyst, the investors can buy the stock on dips.
Today, the stock of the bank opened at Rs 2178 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 2518 and a low of Rs 1797.10 on BSE.
Current EPS & P/E ratio stood at 78.87 and 27.55 respectively.
The biggest bank in terms of home loans, HDFC said that it has raised its floating interest rates by close to 25 basis points. That being the case, loans for homes will become costlier for existing as well as new borrowers.
Following the same trend, many other banks too have raised their rates. The most prominent ones in this category are, Oriental Bank of Commerce, Indian Overseas Bank and Dena Bank besides Punjab National Bank, Allahabad Bank and United Bank, who went out for hiking their benchmark prime lending rates (BPLR).
Technical analyst Anil Singhvi has maintained 'buy' rating on HDFC Bank Limited stock with an intra-day target of Rs 2125.
According to analyst, the investors can purchase the stock with a stop loss of Rs 2030.
The stock of the company, on January 27, closed at Rs 2052.15 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 2518 and a low of Rs 1560 on BSE.
Current EPS & P/E ratio stood at 78.87 and 26.18 respectively.
HDFC Bank has kicked off its 100th arm in the state of Andhra Pradesh.
Fairwealth Securities has maintained its buy rating on HDFC Bank with a price target of Rs 2470 in its report dated January 19, 2011.
At the current price of Rs. 2109, the stock is trading at just 24.18x and 18.51x times of the projected FY11E & FY12E earning.
Presently, Housing Development Finance Corporation (HDFC) Bank has a branch network of over 1765 spread across 819 cities in the country.
Technical analyst Prakash Gaba has maintained 'buy' rating on HDFC Bank Limited stock with a target of Rs 2150.
According to analyst, the investors can purchase the stock with a stop loss of Rs 2075.
Mr. Gaba said that the said target can be attained in 2-3 trading sessions.
The stock of the company, on January 18, closed at Rs 2108.75 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 2518 and a low of Rs 1560 on BSE.
Current EPS & P/E ratio stood at 74.13 and 28.13 respectively.
India’s largest mortgage company, Housing Development Finance Corp. Ltd (HDFC) has carried out a 32.71% rise in net profit during the December quarter. It was highly depended on income from the trade of a part of its investment in Infrastructure Leasing and Financial Services Ltd (IL&FS).
IL&FS is a finance company which has been supported not only by HDFC but also by Central Bank of India and the ex Unit Trust of India (UTI).
There has been an increase in the profit to Rs890.88 crore during the quarter ended December. In previous year the profit was Rs671.25 crore for the same period of time.
Technical analyst Nishant Jain of Tradeswift Broking has maintained 'buy' rating on Housing Development Finance Corporation Limited (HDFC) with a 1-2 day target of Rs 715.
According to analyst, the investors can buy the stock with a stop loss of Rs 690.
The stock of the company, on December 01, closed at Rs 698.60 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 780.05 and a low of Rs 466 on BSE.
Current EPS & P/E ratio stood at 21.23 and 33.17 respectively.
HDFC Bank reported a net profit of Rs 912.1 crore for the quarter ended September on the support of strong growth in interest income, there has been an increase of a 32.7 per cent from Rs 687.46 crore an year before.
The country’s second largest private sector lender was also facilitated by lower provisions for bad loans, which knock down to Rs 454.5 crore in the September quarter, touching Rs 594.1 crore an year ago.
Net interest income grew 29.2 per cent to Rs 2,526.3 crore, against Rs 1,955.3 crore in the September 2009 quarter.
The Chairman of HDFC, Deepak Parekh has said that there will be no change in the current teaser rates in home loans. Parekh was talking to media on the sidelines of an event that talked whether the teaser rates should be changed or not.
Parekh further added that if one of the top banks changes the stand on teaser rates than the others will follow too. So, it should be made a permanent affair.
Two of the biggest banks in the country are trying their level best to ouster the other in the home loan market. HDFC and SBI are doing every bit to attract the customers and there is no sign of the end of this tussle.
Within a week of the expiry of its teaser home loan scheme, HDFC has re-launched the same but with a slight high rate. And now it is expected that SBI will also be extending its teaser scheme. It was earlier to expire on September 30.
Stock market analyst Sanjay Surekha has maintained 'buy' rating on HDFC Bank stock with long term target of Rs 2180.
According to analyst, the investors can buy the stock stop loss of Rs 1990.
Today, the stock of the bank opened at Rs 2052 on the Bombay Stock Exchange (BSE).
Current EPS & P/E ratio stood at 68.91 and 30.03 respectively.
The share price has seen a 52-week high of Rs 2110.40 and a low of Rs 1369 on BSE.
Sturdy credit augmentation and steady margins aided HDFC Bank in reaching a 34 per cent plunge in net profit which is at Rs 812 crore for the quarter closing June 30. In the similar period last year, the bank earlier recorded a net profit of Rs 606 crore.
Gross proceeds for the quarter increased by 42 per cent out of which, approximately 10 per cent incline in advances was owing to short-term comprehensive loans to the telecom domain. The augmented loan built-up during the quarter of March was 16 per cent.
On Monday, one of India's leading private sector bank, HDFC bank said that it has seen a 34 per cent rise in its quarterly profit.
This is inline with the street estimates and has happened because of strong sales on the corporate and retail loan segment pushed by a fast growing Indian economy.
HDFC bank, which is also listed on New York has seen a 40 per cent growth in the field of gross advance during the April-June quarter as compared to the same quarter during last year. In money terms , it stood at $31 billion.