HDFC Bank Q4 profit rises 23 percent

Mumbai, April 22 :

India’s second largest private sector lender HDFC Bank said Tuesday its net profit grew by 23.1 percent to Rs.2,326.52 crore ($384.8 million) in the quarter ended March 31, 2014.

The bank had posted a net profit of Rs.1,889.84 crore in the corresponding quarter of last year.

This is the slowest pace of growth in the bank’s quarterly profit in more than a decade. However, the number is better than the markets estimates and it was reflected in the company’s share price.HDFC-Bank

The share price of HDFC Bank jumped 1.36 percent to Rs.726.35 at the Bombay Stock Exchange (BSE).

The lender’s total income rose to Rs.12,789.98 crore for January-March quarter this year from Rs.11,127.54 crore recorded in the same quarter last year.

For the whole fiscal 2013-14, the bank posted a net profit of Rs.8,478.40 crore as compared to Rs.6,726.28 crore in the previous fiscal.

HDFC Bank’s total income rose to Rs.49,055.18 crore in 2013-14 from Rs.41,917.49 crore recorded in the previous year.  (IANS)

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