HDFC’s first quarter net profit up 33.9 per cent

HDFC’s first quarter net profit up 33.9 per cent

New Delhi, July 19: India’s second largest private lender HDFC Bank Monday reported a 33.9 percent rise in net profit at Rs. 811.7 crore for the first quarter of this fiscal as against 606.1 crore in the like period of 2009-10. The bank’s total income increased by 4.34 percent to Rs. 5,360 crore compared to Rs. 5,136 crore in the previous corresponding period. Interest income of the bank grew by 29.4 percent to 2,401.1 crore and non-interest income also grew to Rs.939.9 crore. HDFC’s current account saving account (CASA) deposits registered a growth of 37 percent, with saving account deposits at Rs.53,869 crore and current account deposits at 36,169 crore. The listed bank’s capital adequacy ratio (CAR) increased to 16.3 percent from 15.4 percent a year ago, as under the new regulatory norm, only annual net profit has to be factored in to determine the CAR. The bank’s operating expenses for the quarter ended June 30, 2010 went up 15.4 percent to Rs. 1,592.3 crore. The bank has reduced its gross and net non-performing assets (NPAs) to 1.2 percent and 0.3 percent respectively in April-June 2010 from 2.1 percent and 0.6 percent in the year-ago period. (IANS)