New Delhi, Jan 19 (IANS): India's second largest private lender, HDFC Bank, Thursday reported a 31.2 percent increase in its net profit at Rs.1,429 crore for the quarter ended Dec 31 on higher interest income and stable asset quality from Rs.1,090 crore in the like period of last fiscal.

The bank's total income increased 35.63 percent at Rs.8,622.64 crore in the quarter under review from Rs.6,357.78 crore in the corresponding quarter of 2010-11, it said in a regulatory filing to the Bombay Stock Exchange (BSE).

The interest earned by the bank grew by 37.71 percent at Rs.7,202.64 crore from Rs.5,229.96 crore in the like quarter of last fiscal.

The gross non-performing assets (NPAs) declined to 1.03 percent year-on-year from 1.11 percent. The gross NPAs stood at Rs.2,020.58 crore as against Rs.1,781.76 crore in the like period of 2010-11.

The company's scrip at the BSE closed 0.98 percent up at Rs.485 from Wednesday's close of Rs.480.30.