HDFC
Bank Q4 net profit at Rs 902 million
Pradeep Rane
15 April 2002
Mumbai:
HDFC Bank Ltd has posted a net profit of Rs 902.40 million for the
quarter ended 31 March 2002 as compared to Rs 655.40 million for
Q4 ended 31 March 2001. The total income has increased from Rs
4198.80 million for Q4 ended 31 March 2001 to Rs 5660.20 million
for Q4 ended 31 March 2002.
The
net profit for the financial year ended 31 March 2002 is Rs
2,970.40 million as compared to Rs 2,101.20 million for the
corresponding period last fiscal. The total income has increased
from Rs 14,449.90 million for the financial year ended 31 March
2001 to Rs 20,362.40 million for the financial year ended 31 March
2002. The board has recommended a dividend of 25 per cent for the
year.
HDFC Bank had recently launched its international credit card. The
bank had a pilot launch in Chennai last year, and has issued
around 2,000 cards there. The bank has a tie-up with Visa for the
credit cards, and plans a launch with MasterCard in two-three
months.
HDFC Bank is also gearing itself to become an applications
services provider (ASP) in a joint venture with iFlex Solutions.
They floated a company called Flexcel International, as a 50:50
joint venture with an initial equity of Rs 6 crore, to offer 
old-generation
private banks, regional banks and cooperative banks the ASP model
as a cheap alternative to setting up their own banking software
infrastructure.
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