HDFC Bank's Q1 net grows slowest in 10 years

MUMBAI: HDFC Bank on Monday reported a net profit of Rs 2,233 crore for the quarter ended June 2014, which is 21% higher than the net profit of Rs 1,844 crore in the corresponding quarter last year.

Although the growth in net profit is higher than industry average growth, it is the slowest growth recorded by the bank in a decade.

"The increase in profitability has come from the net interest income side. The balance sheet has grown and that has been the larger contributor to profitability apart from tight leash on expenses," said Paresh Sukthankar, deputy MD, HDFC Bank.

Following the results, the bank's shares were down 0.53% at Rs 828 on Monday.

Indicating that the bank was planning for a higher growth rate, Sukthankar said that the bank plans to raise Rs 10,000 crore of equity.

He added that the timing and nature of the capital-raising would depend on the outcome of the bank's application to the Foreign Investment Promotion Board allowing higher investment for foreign shareholders.

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