HDFC Books Quarterly Profit of Rs 1,085

HDFC Books Quarterly Profit of Rs 1,085It has been reported that for the quarter ended on June 30, 2011, HDFC Bank booked a profit of Rs 1,085 which was just Rs 812 crore for the last year’s quarter. Mr. Paresh Sukthankar, Executive Director, HDFC Bank told that the stronger demand for working capital loan boosted the profit of the bank. He further said that the bank is expecting credit growth to increase by 4 to 5%.

It been revealed that working capital loan together with low-cost CASA (current and saving accounts) have helped the bank to yield the profits. It has been reported, in the total bank’s profit, 49.1% was made by the CASA. However, it has been informed by Mr. Sukthankar that the bank, once again, will be increasing the interest rate.

Following the announcement of its profit by the HDFC bank the shares of bank touched a new high of Rs 519.5. However, the non-interest income of the bank grew 13% annually to Rs 1,120 crore. Fees and commissions were up 15.9 % from a year ago to Rs 923 crore, and was the primary contributor to non-interest income. Meanwhile, it has been reported that HDFC bank will be adding another 100 branches.