HDFC Bank Q1 net surges 30%

HDFC Bank reported net profits in line with street expectations. The company notched 30% jump in net profit to Rs 1,417 crores for the first quarter 2012-2013, as compared to Rs 1,084 crore for the corresponding period of last year.

HDFC Bank had reported a net profit of Rs 1,085 crore on interest income of Rs 2,848 crore in the corresponding quarter of last fiscal.

Total income increased to Rs 9,536.91 crore in the June 2012 quarter from Rs 7,098 crore in the year-ago period. Net revenues rose 26% and were at Rs 5,013 crores for the qaurter ended June 2012, against Rs 3,968 for the corresponding period of last year.

Net interest income increased by 22.33% to Rs 3,484 crore. This was driven by loan growth of 21.5% and net interest margin for quarter of 4.3%.

The shares of the company were trading at Rs 583, higher by 0.65% on BSE at 2.40 pm IST.

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