HDFC Bank net profit rises 31% in Q2

HDFC Bank’s net profit increased 31 per cent to Rs 1,199 crore for the quarter ended September 30, 2011, from Rs 912 crore in the corresponding quarter last year, on account of steady growth in both interest and non-interest income.

For the second quarter of the current fiscal, net interest income grew 17 per cent to Rs 2,944 crore and other income was up 26 per cent at Rs 1,212 crore.

Gross advances rose 25 per cent to Rs 1,89,917 crore and deposits increased by 18 per cent to Rs 2,30,676 crore.

For the six-month period ended September 30, 2011, net profit increased 32 per cent to Rs 2,284 crore.

Shares of HDFC Bank increased 2.15 per cent to Rs 487.05, after the results were announced on the BSE.