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HDFC Bank Q1 Net Jumps 30%

The bank gained as much as a third from last year’s Q1 figure

HDFC Bank, , in a filing to the Bombay Stock Exchange, unveiled its latest quarterly report.

It has reported, for fiscal 2009-10’s first quarter ended June 30, a 30.53 per cent rise in net profit, which stood at Rs 606.11 crore.

HDFC Bank is India’s second-largest private sector lender.

For the last fiscal, in the first quarter, the bank had reported a net profit of Rs 464.35 crore.

The bank’s total income jumped 22 per cent to Rs 5,136.75 crore from Rs 4,215.15 crore for the same period when compared with last fiscal’s first quarter.

The bank's interest income also increased 13 per cent to Rs 4,093.10 crore, while the expenditure on interest was Rs 2,237.52. It has jumped up 18 per cent from last year.

The worrying aspect in this report is that the bank is growing slower than the industry's growth rate. While advances grew 7% y-o-y, deposits grew 11%.