HDFC Bank Ltd.

Credit rating agency, India Ratings & Research (Ind-Ra) has affirmed HDFC Bank’s long-term issuer rating at ‘AAA’ with a stable outlook and short-term issuer rating at ‘A1+’. The agency has also affirmed the bank’s Rs 13,963 crore lower tier 2 subordinated debt at ‘AAA’, Rs 5000 crore certificates of deposit at ‘A1+’ and its term deposit programme at ‘AAA’.

The company has received the said rating on the back of its strong track record of consistent and superior operating performance through cycles, over similar rated peers. The bank’s robust risk management systems have helped it to maintain asset quality.

The bank’s net profit for the first quarter rose by 30.09% at Rs 1843.86 crore as compared to Rs 1417.39 crore for the quarter ended June 30, 2012. Its total Income has increased by 17.95% to Rs 11588.56 crore for the quarter under review from Rs 9825.17 crore for the corresponding quarter of the previous year.