HDFC Bank profits up in 1H 2015, says many rural people still don’t use banks
View(s):The Housing Development Finance Corporation Bank of Sri Lanka (HDFC Bank) has recorded Rs. 388.9 million in pre-tax profit (PBT) in 1H2015 against Rs. 310.5 million in the corresponding period of 2014.
Post-tax profit was Rs. 276.2 million as against Rs. 185.1 million earlier. In a media statement the bank said interest income rose from Rs. 2118 million to Rs. 2260 million. Operating expenses increased to Rs. 622.2 million from Rs. 513.5 million due to additional staff costs and expenditure incurred due to branch expansion, according to Nimal Mamaduwa, Chief Executive Officer/GM of the bank.
The bank’s customer deposit base increased from Rs. 24.5 billion to Rs. 26.1 billion during the first six months, up by 6.8 per cent. The loan book increased from Rs. 23.3 billion to Rs. 24.6 billion.
Having expanded in the first half 2015 with new branches in Polonnaruwa and Kiribathgoda taking the total network to 38 branches, the bank said it will continue to expand its branch network adding, “as we believe that there are still many unbanked people in rural areas”.