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HDFC Bank posts impressive results

Housing Development Finance Corporation Bank of Sri Lanka (HDFC Bank) recorded Rs. 310.6 million profit before tax in 1H, 2014 as against 91.4 million in the corresponding period in 2013, an increase of 240%.


Chairperson, HDFC Bank,
Sirohmi Wickremesinghe

The profit after tax was Rs. 185.1 million as against Rs. 50.5 million in 1H an increase of 267%. The Bank's interest income has grown from Rs. 1,674.5 million to Rs. 2,118.6 million an increase of 27%.

The net interest income has grown from Rs. 521.7 million to Rs. 856.4 million, an increase of 64%. The Bank's fee based income has risen to Rs. 130.9 million in 1H as against 37.5 million in the corresponding period of 2013, the Bank's Chief Executive Officer and GM, Nimal Mamaduwa said in a media release.

The Bank's loan portfolio stood at Rs. 21.5 billion in 1H as against Rs. 19.7 billion as at December 31, 2013 an increase of 9%. The deposit portfolio has risen to Rs. 22.3 billion from Rs. 18.9 billion an increase of 18% during the 1H of 2014. The Return on Assets (ROA) stood at Rs. 2.61 million in 1H, 2014 and the Return on Equity (ROE) as at 1H, 2014 stood at Rs. 13.49 million as at June 30, 2014.

The Bank improved the Cost Income Ratio to 78.9% as at June 30, 2014 as against 92.6% in the corresponding period of 2013.

The HDFC Bank has met the Capital Adequacy ratio stipulated by the Central Bank in 1H Tier 1 and Tier 2 capital, which as at June 30, 2014 stood at 15.43% and 16% as against the regulatory need of 5% and 10%. The Bank also maintains a healthy Statutory Liquid Asset Ratio of 30.84% as against the minimum of 20%. The Bank has improved performance in 1H as against the previous year six-month period mainly due to the introduction of several short-term products.

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