Said HDFC Bank's executive director Paresh Sukhtankar: "The interest lines are volume driven and other incomes are doing well. The net-profit has gone up after making the required provision in respect of non-performing assets (NPAs) as well as depreciational investments and general provisions".

In a statement, HDFC Bank qualified that "consequent to the merger of Times Bank with the bank, effective February 28, 2000, figures for the current period are not comparable with those of the corresponding period in the previous year".

Total income for the quarter ended December 31, 2000 was Rs 372 crore (Rs 194 crore). Total expenditure stood at Rs 274 crore (Rs 139 crore). Total deposits stood at Rs 11,250 crore (5,080 crore). When quipped as to in a scenario where interest rates were low, how did HDFC Bank witnessed a sudden jump in its interest income, said Mr Sukhtankar: "This is essentially because our total balance sheet has grown. Total advances have grown to Rs 6,000 crore in December 2000, whereas the corresponding figure for December'1999 was from Rs 3,550 crore and the interest incomes have, therefore, gone up".