HDFC Bank posted a healthy third-quarter result on Wednesday. The Bank, which took over Centurion Bank of Punjab (CboP) during the year, posted a net profit of Rs 621.7 crore.
HDFC, in a statement said that since the merger of CBoP with HDFC Bank became effective on May 23, 2008 as per a Reserve Bank of India order, the results for the period ended December 2008 reflected income of the merged entity, whilst the results for the period ended December 2007 were on a standalone basis for HDFC Bank and therefore not comparable.
“The Bank earned, an increase of 44.8 per cent over the quarter ended December 31, 2007,” the statement said.
HDFC Bank’s net revenue stood at Rs 2,918.6 crore for the quarter ended and its net interest income for the quarter ended December 31 stood Rs 1,979.3 crore.
Its total deposits were Rs 144,862 crore. “With time deposits having grown by as high as 79.3 per cent to Rs 87,523 crore as at December 31, 2008,” the statement said.