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HDFC Bank Q4 net profit rises 30%

HDFC bank's net profit rose to Rs 2.63 billion in the fiscal fourth-quarter ended March, from Rs 2.02 billion a year earlier.

india Updated: Apr 17, 2006 20:27 IST
Reuters
Reuters
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HDFC Banksaid on Monday its quarterly profit rose 30 per cent on higher fee income and strong loan growth.

The New York-listed bank said net profit rose to Rs 2.63 billion ($58 million) in the fiscal fourth-quarter ended March, from Rs 2.02 billion a year earlier.

The bank has been riding on India's 8 per cent economic growth, which has spurred demand for corporate and retail loans.

Shares in HDFC Bank, which has a market value of $5.6 billion, rose 9.3 per cent during the March quarter, lagging a 20 per cent gain on the main index, but beating the bank sub-index's 3.6 per cent rise.

First Published: Apr 17, 2006 17:46 IST