Mumbai: HDFC Bank Ltd said its net profit for the 2007 first quarter arose 34.3 per cent, hiked up by higher credit expansion that held up ascending interest rates.

Net profit for the April-June period ascended to Rs 321 crore from Rs 239 crore a year earlier.

Total income rose 47.2 per cent to Rs 2,642 crore from Rs 1,795 crore.

HDFC Bank was incorporated in August 1994 and started processes as a Scheduled Commercial Bank in January 1995. As on March 31, 2007, it had a nationwide network of 684 branches and 1605 ATM's in 316 Indian towns and cities.

HDFC Bank’s ATM network can be accessed by all domestic as well as international Visa / MasterCard, Visa Electron / Maestro, Plus / Cirrus and American Express Credit / Charge cardholders.

HDFC Bank has won many awards for its excellent service. Major among them are "Best Bank in India" by Hong Kong-based Finance Asia magazine in 2005 and "Company of the Year" Award for Corporate Excellence 2004-05.