HDFC bank reported a gain of 20% in its net profit. It has been reported that bank’s profit has increased from Rs 2,326 crore to Rs 2,795 crore. Net interest income (NII) or difference between the interest earned on loans and that paid on deposits increased by 23% to Rs5700 crore from Rs4,635 crore.
The bank earned interest through both working capital loans to companies which grew at 14%. Deputy Managing director of the bank stated that bank will further continue to grow and develop. Net non performing assets (NPAs) were at 0.26% as compared to 0.3% a year ago while Gross NPA was at 0.99% compared to 1.01% a year ago. Bank also stated that it could reduce its lending rate by March as liquidity improves and expectations that growth picks up.