Leading private sector banker, HDFC Bank acquired 4.50 million equity shares of Rs 10 each in HDB Financial Services for an undisclosed sum. Upon this acquisition of shares it has become subsidiary of the bank.
Recently, the bank reported a substantial jump in net profits for the quarter ended June 2007. During the quarter, the company experienced a 34.24% rise in profits to Rs 3,212.30 million from Rs 2,393.00 million in the same quarter, last year. The interest earned for the quarter rose 41.32% to Rs 21,258.80 million as against the corresponding quarter of the previous year.
HDFC Bank was set up in 1994 by India`s leading housing finance company Housing Development Finance Corporation (HDFC). The bank offers a wide range of services which can be classified into three categories; namely treasury, wholesale banking, and retail banking services. The bank at present has an enviable network of over 684 branches spread over 316 cities across India. All branches are linked on an online real-time basis. The bank also has a network of about over 1,695 networked ATMs across these cities.
Source: My Iris