HDFC Bank Q1 net profit grew 34%

Beating the market forecast, leading bank in the private sector HDFC, registered a 33.7% growth in the net profit to Rs 1,085 crore for the first quarter ended June, 2011 against last year’s 811 crore profit.

Total income of the bank increased to Rs 7,098 crore at the end of the Q1 from Rs 5,410 crore in the same period last year with 31.2% rise.

HDFC Bank introduces ‘Infinia’

India’s leading private bank HDFC launched India’s first ultra-premium credit card, ‘Infinia’ for the uber rich. Currently HDFC Bank is the largest credit card issuer in the country with 50.5 lakh credit card holder base. The card ‘Infinia’ comes with virtually “no limits”― not just in terms of spend, but also the luxuries such customers are accustomed to.

Initially Infinia will be offered to a selected 5000 individuals and will be available on both VISA and MasterCard platforms.

 


Speaking on the occasion, Mr. Aditya Puri, Managing Director, HDFC Bank, said: “Infinia is a super-premium offering from us to rich Indians. It is the culmination of a very successful journey that began in 2003 with the launch of our first card. We always had the premium positioning, clientele and the proven ability to service them. But what prompted us to conceive Infinia was the need our clients felt for such a product. We are confident Infinia will soon be the card of choice for India's rich.”

Pralay Mondal, Country Head, Retail Assets and Credit Cards, HDFC Bank, said: “We want to see an Infinia in the wallet of every jet-setter in India. We derive this confidence from the fact that HDFC Bank already enjoys the highest mind- and wallet-share in credit cards. With Infinia, we will redefine the lifestyle experience of the elite.”