HDFC Bank (HDFCBANK) Q4 98/99 earnings summary

Executive summary

• FY1998-99 net profit rose 30.5% to Rs. 82.40 crore; net revenues increased 30.1% to Rs. 214.97 crore, with growth across balance-sheet and income measures.

• Deposits reached Rs. 2,915.11 crore and advances Rs. 1,400.56 crore; branch network expanded from 37 to 57 locations.

Financial highlights

• Total income was Rs. 444.15 crore vs Rs. 302.81 crore; net profit was Rs. 82.40 crore vs Rs. 63.15 crore.

• Net revenues, defined as net interest income plus other income, rose 30.1% to Rs. 214.97 crore; fund-based/non-fund-based revenue mix was 68:32.

• EPS increased to Rs. 4.12 from Rs. 3.16; proposed dividend was 13%, up from 10%.

Outlook and guidance

• Retained earnings were positioned to strengthen Tier I capital and fund branch and infrastructure investment while supporting shareholder value.

• Retail banking was viewed as a future growth engine; investment advisory services were identified as a major thrust for 1999-2000.

• Chase collaboration was expected to broaden product access and create incremental business opportunities over time.