HDFC Bank Q1 net up at Rs 464.35 cr

Private sector lender HDFC Bank on Monday reported a net profit of Rs 464.35 crore (Rs 4.64 billion) for the first quarter ended on June 30, against Rs 321.23 crore (Rs 3.21 billion) in the corresponding period a year-ago.

The total income rose to Rs 4,215.15 crore (Rs 42.15 billion) in the June quarter, from Rs 2,641.70 crore in the same period of FY'08, HDFC Bank said in a filing to the Bombay Stock Exchange.

The results of the quarter are not comparable with that of the corresponding period last year as the merger of the bank with Centurion Bank of Punjab (CBoP) became effective on May 23, 2008, the filing said. Driven by average asset growth, the bank's net interest income rose 75 per cent to Rs 1,723.50 crore (Rs 17.23 billion).

As of June 30, the bank had 1,229 branches and 2,526 ATMs in 444 cities, it added. Earlier this year, the bank's board had approved issuance of one equity share in HDFC Bank for every 29 held in CBoP on account of the merger.

Shares of HDFC Bank were trading at Rs 1,129.95, up 0.25 per cent in the late afternoon trade on the Bombay Stock Exchange.