India's HDFC bank has reported an increase of 30.35% to Rs 1,453.08 crore in the fourth quarter till March 2012, compared to Rs 1,114.71 crore in the same quarter till previous year.
India's second largest private sector bank by assets announced its results, which were mostly in line with analyst expectations, on Wednesday. The increase was mainly due to higher interest income despite a fall in bank's provision for bad loans and tax contingencies.
HDFC generated Rs 5,610.13 crore interest by selling loans for both companies as well as individuals, compared to Rs4,150.93 crore earned by the bank in the same quarter of the previous year. The bank's net non performing assets have remained mostly stable in the quarter.
The Provisions for the bank dropped to Rs298.30 crore down from Rs431.34 crore in the quarter ended March 2011. Its net advances grew 22.2 per cent from a year ago to Rs 1.95 trillion during the quarter till March 2012.
The shares of the bank increased 1.25 per cent and were trading at Rs 537.5 at the time of reporting on the Bombay Stock Exchange (BSE).