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HDFC Bank Jan-March Net Profit Rises Over 30% To INR14.53 Billion

Date : 04/18/2012 @ 4:05AM
Source : Dow Jones News

HDFC Bank Jan-March Net Profit Rises Over 30% To INR14.53 Billion

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India's HDFC Bank Ltd. (500180.BY) Wednesday reported a more than 30% jump in fiscal fourth-quarter net profit, aided by higher interest income and a drop in provisions.

Net profit for the January-March quarter rose to INR14.53 billion from INR11.15 billion a year earlier, the lender said in a filing with stock exchanges.

The market was expecting a net profit of INR14.41 billion, according to a Dow Jones Newswires poll of six analysts.

The bank's interest income rose to INR73.88 billion from INR54.69 billion a year earlier, while its other income--from fees, commissions and foreign-exchange and treasury transactions--increased nearly 19% to INR14.92 billion.

The lender's provisions against bad loans and other contingencies dropped to INR2.98 billion from INR4.31 billion a year earlier.

-By Nupur Acharya; Dow Jones Newswires; +91-22-61456117; nupur.acharya@dowjones.com

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