HDFC Bank Q4 net soars 30.4%

HDFC Bank, India’s second largest private lender, on Wednesday posted a 30.4% year-on-year rise in the net profit at Rs 1,453 crore for the quarter ended March, 2012.

HDFC Bank, India’s second largest private lender, on Wednesday posted a 30.4% year-on-year rise in the net profit at Rs 1,453 crore for the quarter ended March, 2012 compared to Rs 1,115 crore in the corresponding quarter last year helped by healthy growth in loans, interest income and other income.

"Loan growth was 22.2% and the net interest income grew by 19.3% during the quarter," said Paresh Sukthankar, executive director, HDFC Bank. "We expect bank’s credit growth to be 3-5% more than the credit growth in the banking system."

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Credit growth in the banking system is likely to be around 17%.

The net profit for the year ended March 2012 was Rs 5,167 crore, up 31.6%, over the year ended March 31, 2011.

Net interest income (interest earned less interest expended) for the quarter grew by 19% to Rs 3,388 crore against Rs 2,840 crore for the same quarter previous year.

The total income was up 32% year-on-year at Rs 8,880 crore.