HDFC Bank Q1 profit up 34 p.c.

HDFC Bank has achieved a 33.8 per cent increase in net profit at Rs. 62 crores in the first quarter ended June 30, 2001 against Rs. 46.40 crores in the same period in the previous year. Total net Income has increased by 41.2 per cent to Rs. 455.50 crores against Rs. 322.70 crores, the bank said in a release.

The provision for taxation was Rs. 28.30 crores (Rs. 23 crores). Deposits stood higher at Rs. 13,209 crores against Rs. 9,542 crores at the end of June 30, 2000. Deposits under savings accounts were higher by 67 per cent at Rs. 2,082 crores while the customer assets which include advances, corporate debt investments, increased to Rs. 7,585 crores from Rs. 5,576 crores. The bank had recently raised $172.50 million through American depository shares with each valued at $13.83 represents three underlying equity shares.

Syndicate Bank

Syndicate Bank has recorded a net profit of Rs. 73.80 crores in the first quarter ended June 30, 2001 as compared to Rs. 71.27 crores in the corresponding quarter of the previous year. The net profit is arrived at after charging Rs. 42.58 crores under voluntary retirement scheme and Rs. 37.57 crores being the full liability of leave encashment of the employees.

J & K Bank

Jammu and Kashmir Bank has reported a 50 per cent jump in net profit at Rs. 55.61 crores. during the first quarter of this fiscal as against Rs. 37.07 crores. during the same period last fiscal.

The operating profit of the bank was up by 56 per cent at Rs. 103.45 crores during April-June 2001 as compared to Rs. 66.51 crores in the first quarter last year, a bank release said.

Total income grew by 34 per cent to Rs. 375.11 crores against Rs. 280.32 crores. Deposits of the bank was up by 34 per cent while advances grew by 49 per cent to Rs. 4,564.74 crores.

The networth of the bank increased to Rs. 755.134 crores at the end of June 2001 as against Rs. 562.23 crores during June end 2000. J&K bank, incorporated in 1938, currently has 429 branches across the country.

Punjab and Sind Bank

The net profit of Punjab and Sind Bank has risen by 33 per cent to Rs. 21.05 crores from Rs. 15.78 crores in the same period last fiscal. The operating profit has increased by 38 per cent to Rs. 32.57 crores from Rs. 23.51 crores.

The net profit was arrived after taking Rs. 13.83 crores for voluntary retirement schemes (VRS) for the first quarter. The Bank is well poised to achieve a Rs. 100 crores net profit during the current fiscal year, Chairman and Managing Director, Mr. N. S. Gujral said.

PSB plans to focus on retail banking, education loans, housing finance, car loan, consumer finance and other innovative areas of banking to multiply business in days ahead, he said.

Mr. Gujral said the Bank would focus on recovery of non- performing advances and reducing percentage of net NPAs to net advances and improving yield on advances and investments.

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Section  : Business
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