Mumbai, July 10: HDFC Bank today kicked off the earnings season by reporting a robust 34 per cent jump in net profit at Rs 321.23 crore in the first quarter ended June 30.

In the year-ago period, it had earned a net profit of Rs 239.20 crore.

The results were in line with analysts’ prediction that private sector banks would post better numbers than their nationalised counterparts on account of a strong growth in consumer loans. Banking sector mavens had expected the bank to post a net profit growth in the region of 30 per cent.

HDFC Bank’s quarterly numbers come only a day before technology heavyweight Infosys Technologies unwraps its results for the June quarter. The stock market has turned buoyant in the run up to the results season with the sensex hovering above 15000. Many reckon the market will take its cues from the guidance that the Bangalore-based software services major gives tomorrow.

HDFC Bank saw its total income leap 47.2 per cent to Rs 2,641.7 crore during the quarter from Rs 1,795.2 crore in the corresponding quarter last year.

Net revenues (core income and other income) stood at Rs 1,558.1 crore for the quarter ended June 30, 2007, an increase of 40.5 per cent over Rs 1,108.6 crore for the corresponding quarter of the previous year.

The bank said interest earned for the quarter was Rs 2125.9 crore, an increase of Rs 621.6 crore over the corresponding quarter ended June 30, 2006.

While interest expenses increased sharply by Rs 397 crore to Rs 1,083.6 crore, the net interest income (interest earned minus interest expended) or its core income for the quarter rose to Rs 1,042.2 crore from Rs 817.6 crore for the same quarter last year.