HDFC Bank Q4 profit rises 23 percent

HDFC Bank Q4 profit rises 23 percentMumbai, April 22 : India's second largest private sector lender HDFC Bank said Tuesday its net profit grew by 23.1 percent to Rs. 2,326.52 crore ($384.8 million) in the quarter ended March 31, 2014.

The bank had posted a net profit of Rs. 1,889.84 crore in the corresponding quarter of last year.

This is the slowest pace of growth in the bank's quarterly profit in more than a decade. However, the number is better than the markets estimates and it was reflected in the company's share price.

The share price of HDFC Bank jumped 1.36 percent to Rs. 726.35 at the Bombay Stock Exchange (BSE).

The lender's total income rose to Rs. 12,789.98 crore for January-March quarter this year from Rs. 11,127.54 crore recorded in the same quarter last year.

For the whole fiscal 2013-14, the bank posted a net profit of Rs. 8,478.40 crore as compared to Rs. 6,726.28 crore in the previous fiscal.

HDFC Bank's total income rose to Rs. 49,055.18 crore in 2013-14 from Rs. 41,917.49 crore recorded in the previous year. (IANS)

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