Interest income powers HDFC Bank Q1 profit | business | Hindustan Times
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Interest income powers HDFC Bank Q1 profit

India's second-largest private lender HDFC Bank posted a 33.7% year-on-year rise in net profit at Rs 1,085 crore for the quarter ended June on the back of healthy growth in interest and other incomes.

business Updated: Jul 19, 2011 21:19 IST
HT Correspondent

India's second-largest private lender HDFC Bank posted a 33.7% year-on-year rise in net profit at Rs 1,085 crore for the quarter ended June on the back of healthy growth in interest and other incomes.

"The Indian banking industry is expected to grow in the range of 18%-20% in the current fiscal year and we expect to grow a few percentages points more than the industry," said Paresh Sukthankar, executive director, HDFC Bank.

Net interest income - the difference between interest earned and interest paid - grew by 18.6% to Rs 2,848 crore during the quarter, driven by a healthy loan growth of 29%. Total income rose 31.0% to Rs 7,098 crore durine the April-June quarter.

Shares hit an intra-day high of Rs 519 on the Bombay Stock Exchange, before closing at Rs 510, down by around 1%.