HDFC profit up 31% to $660.92mln

Net interest income for the quarter soared 27% driven by loan growth.

HDFC Bank Ltd, India's top housing loan provider, on Monday reported a net profit of Rs2,948.7 crore ($660.92 million) for the financial year ended 31 March 2010, up 31.3 percent over the year ended 31 March 2009.

Consolidated net profit of the bank increased 33.6 percent to Rs 3,003.7 crore ($673.25 million) for the year ended 31 March 2010.

The bank earned a total income of Rs19,980.5 crore ($4.48 billion) during the year ended 31 March 2010. Net revenues (net interest income plus other income) for the year ended 31 March 2010 were Rs12,194.2 crore ($2.73 billion), up 13.8 percent from over Rs 10,711.8 crore ($2.4 billion) in the year ended 31 March 2009.

HDFC board recommended a dividend of Rs36 ($0.81) per equity share of Rs10 ($0.22) each for the financial year 2009-10 (previous year: Rs30 [$0.67] per equity share).

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