HDFC Bank Q3 net soars 33% to Rs 1,088 cr

Private sector lender HDFC Bank today reported a 32.9 per cent growth in net profit at Rs 1,087.83 crore for the third quarter ended December 2010.

Total income of the bank rose to Rs 6,357.8 crore at the end of December quarter, from Rs 4,933.9 crore in the same period last year.

The bank's net interest income went up by 24.9 per cent to Rs 2,777 crore in December quarter, HDFC Bank said in a regulatory filing to the Bombay Stock Exchange (BSE).

"The rise in net interest income came on the back of asset growth and increased interest income," HDFC Bank Executive Director Paresh Sukthankar said at a media conference call.

Overall balance sheet size grew by 22.1 per cent at the end of December to Rs 2,49,820 crore.

The branch network increased to 1,780 at the end of December 2010, from 1,725 branches at the end of December 2009. The capital adequacy ratio stood at 16.3 per cent at the end of December.

Shares of HDFC Bank closed at Rs 2,052.15, down 1.67 per cent on the BSE.