According to a recent press report, HDFC Bank (BCCL) has said that the bank’s net profit has increased to 31.5% more than the Predicted limit. The Bank is constantly maintaining the net interest and asset quality.
Reports said that the Bank have always moved ahead of the market expectations for the past several quarters and has proved that they are the consistent performers. The bank’s net profit has increased from Rs 9.12 billion to Rs 11.99 billion.
According to the New York Reuters Poll the net profit for the bank was estimated as Rs 11.6 billion, but the Bank Profit is more than that.
The Central Bank is increasing the interest rates to control the inflation and it has already increased the rates 12 times from March. The banks non-Performing Asset fell from 1.16 percent to 1 percent, the Bank also withstand its good position in the maintenance of Asset quality among the other Private Sector Banks.
HDFC Bank Limited is a major Indian financial services company based in India, incorporated in August 1994, after the Reserve Bank of India allowed establishing private sector banks. The Bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India. It was among the first companies to receive an ‘in principle’ approval from the RBI to set up a bank in the private sector. The Bank started operations as a scheduled commercial bank in January 1995 under the RBI’s liberalization policies. It offers home loans, personal loans, new and used car loans, gold loan, education loan etc.