HDFC, IDBI Bank Q3 Net up

Private sector lender HDFC and IDBI Bank Thursday reported a 32.9 percent and 58 percent growth respectively in net profit for the quarter ended December 2010.

Mumbai: Private sector lender HDFC and IDBI Bank Thursday reported a 32.9 percent and 58 percent growth respectively in net profit for the quarter ended December 2010.
     
Total income of the HDFC 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. While IDBI had a net profit of Rs 287 crore in the corresponding quarter of 2009-10, IDBI said in a filing to the Bombay Stock Exchange.
     
"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 percent 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 percent at the end of December.
     
Meanwhile, during the quarter the bank's Board of Directors has given in-principle approval to the merger of two its wholly-owned subsidiaries – IDBI Home Finance Ltd and IDBI Gilts Ltd with itself, the filing said.

PTI

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