India’s 2nd most significant private sector loan provider HDFC Bank ‘s 1st quarter net profit increased almost 31% year-on-year to Rs 1,417 crore, raised by powerful loan growth and increase in other income.
In April-June, the bank’s loans extended by 21.5% to Rs 2.13 lakh crore. Subsequently, the net interest income or the variation among interest gained as well as paid, raised 22.3% to around Rs 3,500 crore. The Reserve Bank of India forecasted 17% y-o-y credit expansion for the entire industry in 2012-13 on an average.
Other earnings in the quarter jumped by 37% to Rs 1,530 crore. The main factor to other earnings for the quarter was fees and commissions of Rs 1,140 crore while foreign exchange and derivatives added Rs 315 crore revenue.
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