HDFC Bank Q1 net rises 34 per cent to Rs1,085 crore

19 Jul 2011

Housing Development Finance Corp, the country's biggest private home loan company, today announced a 33.6 per cent rise in Q1 profit, beating expectations, on strong loan growth and higher fee income.

HDFC said its net profit rose to Rs1,085 crore ($243 million) from Rs812 crore, a year ago in the June quarter. Its net interest income (NII) grew 18.6 per cent to Rs 2,850 crore and the total income increased to Rs7,098 crore.

The bank's net interest income reported was lower than street estimates.

Its provisions and contingencies fell by a fifth to Rs440 crore due to improvement in asset quality, the bank said in a statement.

The bank's gross advances grew 29 per cent from a year ago to 1.77 trillion rupees as of end-June while the net interest margin was at 4.2 per cent in the June quarter.

The bank's net non-performing assets were at 0.18 per cent of net advances as of end-June as against 0.28 per cent a year ago.