HDFC Bank Profits in Line With Estimates

Results of HDFC Bank for Q1-07 [Quarter ended June] were in line with Citigroup and Dalal Street Analyst Expectations.

HDFC Bank reported a net profit at Rs 321 crore for the quarter. The net interest income has gone up by 27.46% at Rs 1,042.2 crore (Rs 10.42 billion) Operating profit also seen a surge of 41% in first quarter at Rs 783.68 crore (Rs 7.83 billion).

The Board approved raising equity USD 1 billion or Rs 4200 crore, whichever is higher, from domestic or international markets and Allotted shares worth Rs 1390.1 crore to parent HDFC via preferential issue.