India's second-largest private sector lender, HDFC Bank Ltd, met forecasts with a 30% year-on-year rise in net profit to Rs. 1,890 crore for the quarter ended March 2013 against Rs. 1,453 crore in the year-ago period led by higher loan growth, fee income and stable asset quality.
"Our credit growth will be higher by a few percentage points in 2013-14 than the industry average," said Paresh Sukthankar, executive director, HDFC Bank.
For fiscal year 2013-13, the bank's consolidated net profit grew 31% to Rs. 6,869 crore.
Analysts had expected a profit of Rs. 1,887 crore in the quarter.
Net interest income (the difference between interest earned and interest spend) grew 21% to Rs. 4,295 crore during the fourth quarter compared to Rs. 3,561 crore in the same period of the previous fiscal. Non-interest income grew 30% to Rs. 1,804 crore from Rs. 1,629 crore a year ago.
On the asset quality front, the bank's gross non performing assets or bad loan ratio improved to 0.97 % as on March 31 from 1.02% in the previous year.
On the allegation of money laundering issue, the bank said that during the audit conducted by bank, no cases of money laundering were found to have taken place in any of its branches.