HDFC Bank net up on more loans

The country’s second-largest private lender HDFC Bank today reported a 32.7 per cent rise in net profit at Rs 912 crore for the third quarter ended September 30, 2010, led by the growth in interest income.

The country’s second-largest private lender HDFC Bank on Tuesday reported a 32.7 per cent rise in net profit at Rs 912 crore for the third quarter ended September 30, 2010, led by the growth in interest income.

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Net interest income grew 29.2 per cent during the quarter to Rs 2,526 crore, driven by average asset growth of 30.0 per cent and a stable net interest margin (NIM) of 4.2 per cent.

“The bank’s loan book is expected to grow 4-5 per cent more than the banking system, which is slated to grow by 20-21 per cent in the next six months,” said Sashi Jagdishan, chief financial officer, HDFC Bank.

“We are planning to add 100 more branches in the next six months.”

Other income (non-interest revenue) for the quarter stood at R961 crore, primarily due to fees and commissions, which grew 16.0 per cent to R857 crore, against R739 crore in the same period a year ago.