HDFC Bank Ltd has reported a 31 per cent rise in net profit to Rs 1,417 crore during the first quarter of the current financial year compared to Rs 1,085 crore recorded in the same quarter of the previous year.
The impressive growth in the bank’s net profit was mainly due to a strong growth in loans and interest and fee-based income. HDFC’s net interest income rose 22.33 per cent to Rs. 3,484.05 crore, while fee-based revenue increased 24 per cent to Rs1,143.3 crore from Rs922.7 crore in the same quarter of the previous year.
The bank said that its revenue from foreign exchange and derivative transactions and profit on sale of investments increased its overall earnings. The bank has brought down the portion of retail loans in the overall loans during the quarter. Retail loans accounted for 52 per cent of its Rs. 2.1 trillion loan book during the quarter compared to the preceding quarter till May 2012.
Aditya Puri , Managing Director & the Chief Executive Officer has said that loans would continue to grow faster than industry. He also said that HDFC is looking to maintain its net interest margin in the rage of 4 per cent.
The shares of the bank rose 1.21 per cent on Friday to close at Rs586.85 on Bombay Stock Exchange.
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