NEWS & ADVICE : CAR LOANS
Private Banks register strong growth figures
By Vaibhav Aggarwal
Oct 19, 2009
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Most of the private banks have declared robust results in the second quarter ended September 30. Axis bank was the first among the private sector players to indicate that it will see good growth numbers for the July-September quarter.

Axis bank's net profit grew by 32 percent in the July-September quarter to Rs 531.64 crore, over the corresponding quarter the previous year.

The growth was mainly due to increase in other income and decline in cost of funds. Mr. Somnath Sengupta, the banks executive director and CFO said that increase in CASA (Current account Saving Account) deposits aided the bank to cut down its costs of funds by 5.41 percent.

Recently, HDFC bank and IndusInd Bank have confirmed good results. The analysts had been predicting this for quite some time. The profits increased keeping the asset quality in tact.

The country's second largest bank, HDFC, posted a 4.8 percent rise in net interest income and growth in profit over 30 percent. The non-interest income grew by around 57 percent.

However, the gross NPAs (non-performing assets) for the bank increased by 19 basis points. Net profit for the second quarter rose to 663.9 crore as against Rs 534.2 crore in the corresponding period a year ago.An official from the bank said that the reason for this was greater loan disbursements. There was 24 % rise in the loans disbursed this quarter.

The interest spread on loans was marginally higher this quarter at 2.2 percent as against 2.19 percent the preceding quarter. However, it was a little lower than the corresponding quarter the previous year. It was 2.24 in the July-September quarter a year ago.

IndusInd bank saw a strong profit growth of 131 percent. The net interest income grew by 98 percent and the fee income grew by 44 percent. The bank's gross NPAs declined by 150 basis points.

 


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