HDFC Bank to open 300 branches in 2009-10

Country's second largest private sector lender HDFC Bank is planning to open 300 branches this fiscal,taking its total number of branches to over 1,700.

Country’s second largest private sector lender HDFC Bank is planning to open 300 branches this fiscal,taking its total number of branches to over 1,700.

The bank has necessary regulatory approval for opening 300 branches this year,according to a senior official of HDFC Bank.

With the addition,the total number of branches would go up to 1712.

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Currently,the bank has a nationwide network of 1412 branches and 3295 ATM’s in 528 cities in the country.

HDFC Bank posted a 30.5 per cent increase in its net profit at Rs 606.1 crore for the first quarter ended June 2009,driven by a robust rise in income from fees and commissions.

The private sector lender had a net profit of Rs 464.35 crore in the first quarter of FY’09.

The bank’s earnings from fees and commissions was Rs 649.3 crore in the same quarter,up 27 per cent over the year-ago period.

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Income from other sources,too,registered a strong growth rate of 75.9 per cent from Rs 593.4 crore in Q1 of FY’09 to Rs 1,043.7 crore.

The total income of the bank rose 22 per cent to Rs 5,136.75 crore during the first quarter of FY’10 from Rs 4,215.15 crore in the corresponding period a year-ago.