HDFC Bank Q1 net up 34% on strong demand

HDFC Bank on Monday announced a 34 per cent jump in its net profit during the quarter-ended June 2010 over the corresponding period last year on the back of a strong demand in corporate and retail loans.

HDFC Bank on Monday announced a 34 per cent jump in its net profit during the quarter-ended June 2010 over the corresponding period last year on the back of a strong demand in corporate and retail loans. See Graphics

HT Image

Its net profit for the period was Rs 811.7 crore, it said, while total income at Rs 5,360 crore rose marginally by 4.3 per cent.

Its gross advances for the quarter rose by 40 per cent to Rs 147,620 crore.

"We expect credit growth to exceed the system growth rate of 20 per cent in the financial year 2010-11," said Paresh Sukthankar, executive director, HDFC Bank.

The bank increased its efficiency and saw its net interest income (interest earned less interest expended) grow by 29 per cent to Rs 2,401 crore, driven by a net asset growth of 23 per cent and net interest margin of 4.3 per cent.