India’s most valuable bank by market cap, HDFC, has reported a 20.2% increase in net profit to INR174.9trn ($2.63bn) for the 12 months to end March.

For the fourth quarter HDFC reported net profits of INR479.9bn, up 20.3% year-on-year.

HDFC enjoyed market share gains in fiscal 2018 for both deposits and lending.

Total deposits rose by 22.5% in fiscal 2018 with total advances ahead by 18.7% year on year.

Other highlights included a reduction in HDFC’s cost-income ratio of 180 basis points to 40.6%.

In the year to end March, HDFC increased its branch network by a net 72 outlets to end the financial year with 4,787 branches.

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During 2017, HDFC became the largest private sector bank in India by assets, overtaking rival ICICI; HDFC total assets increased by 23% during fiscal 2018.

Retail banking highlights in the past 12 months include HDFC’s successful launch of its InstaCard instant credit card offering, with 300,000 cards issued in its first years since launch.