HDFC Bank Q1 net rises 34% to Rs 1,085 cr

Private sector lender HDFC Bank today reported a 33.7% growth in net profit to Rs 1,085 crore for the first quarter ended June, 2011.

The bank had earned a net profit of Rs 811 crore in the April-June quarter of the previous year, HDFC Bank informed the Bombay Stock Exchange.

Total income of the bank rose to Rs 7,098 crore at the end of the June quarter from Rs 5,410 crore in the same period last year, an increase of 31.2%.

The bank's net interest income went up by 18.6% to Rs 2,848 crore in the quarter.

Furthermore, the bank's overall balance sheet size grew by 22.6% to Rs 2,85,942 crore at the end of June.

HDFC Bank's portfolio quality as of June 30, 2011, remained healthy, with gross non-performing assets (NPAs) at 1.04% of gross advances and net non-performing assets at 0.18% of net advances.

During the quarter ended June 30, the bank opened 125 new branches. This takes the total network of the bank to 2,111 branches and 5,998 ATMs in 1,111 cities, it said.

The shareholders of the bank earlier this month approved the sub-division of every equity share of the bank having a nominal value of Rs 10 each into five equity shares of Rs 2 face value each. The record date for the same was July 16, 2011.

The bank's Capital Adequacy Ratio (CAR) as of June 30 stood at 16.9%.

HDFC Bank shares ended at Rs 511, down 0.8%. on NSE.