Banking sector stocks closed mixed. HDFC Bank announced its 3QFY09 results a few hours before. The bank has reported 69% YoY growth in interest income during 9mFY09 on the back of 44% YoY growth in advances due to the integration with CBoP. The net profit margins remained stable at 4.3% despite a fall in the proportion of CASA (CASA level lower at 40%). The bank reported 40% YoY growth in fee income during the same period under consideration. The operating expenses grew by 56% YoY due to the merger, while cost to income ratio stood at 53%. The bank witnessed net NPA to advances ratio move up from 0.2% in FY08 to 0.6% in 9mFY09. The bank had raised Tier II capital in 3QFY09 to adhere to Basel II norms and continue with its growth plans. The same ahs helped the bank to report comfortable capital adequacy ratio (CAR) of 13.7% in 3QFY09.
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