HDFC first quarter net up 26%

The bank's total income during the quarter went up 26.67 per cent to Rs 2318.62 crore compared to the same period last year, while the interest income was 28.75 per cent higher at Rs 2,219.92 crore.

The spread between cost of raising funds and lending rate at the end of June 2008 was an estimated 2.26 per cent compared to 2.22 per cent at the end of the first quarter last year. The spread was 2.32 per cent at the end of March 2008.

While banks are complaining of a slowdown in lending, HDFC said its sanctions went up 30 per cent to Rs 9,996 crore during April-June this year, while disbursals during the period were 28 per cent higher at Rs Rs 7,204 crore.

At the end of June, profit before tax was estimated 29 per cent higher at Rs 649.86 crore, compared to Rs 505 crore in the corresponding period last year, representing an increase of 29 per cent.