HDFC Witnesses an Overall Gain in the First Quarter Till June 2011

HDFC Witnesses an Overall Gain in the First Quarter Till June 2011The Bombay Stock Exchange showed HDFC bank at a growth by 33.7% in the revenue amounting to Rs 1,085 crore, in the first three months of the financial year up to June 2011. The total profit earned by June 2010, amounted to Rs 811 crore.

The income generated by the bank by the end of June 2011, increased to an amount of Rs 7,098 crore, which was 5,410 crore in the same period last year, an increase of 31.2%. The balance sheet of this year grew by 22.6%, amounting to Rs 2, 85,942 crore at the end of June.

The bank had opened 125 new branches and has a total 2,111 branches and 5,998 ATM in 1,111 cities. The bank's Capital Adequacy Ratio (CAR) as of June 30 stood at 16.9%. The share prices of the bank were marked at Rs 510 each, in the afternoon on the BSE, down 0.8%. The interest during the first quarter till June had increased by 18.6%, amounting to Rs 2,848 crore from Rs 2,401 crore a year back.

On the other hand, the Current Account Savings Account (CASA) rates declined to 49.1% from 51% recorded in March, but the Executive Director of HDFC Bank, Paresh Sukthankar, revealed that the company was comfortable till it maintained above 40%.