6. HDFC Bank ( HDB) is an India-based bank engaged in principal business activities of retail and wholesale banking and treasury operations. The bank's March quarter (fourth quarter of fiscal 2011) results were in line with estimates. Net interest income grew 21% year-on-year on a robust 27% growth in advances, compared to same period last year. Net income grew to $250 million, up 33% compared to March quarter of last fiscal. A healthy net interest income growth coupled with strong growth in other income boosted profit growth. Asset quality improved sequentially as gross nonperforming assets in the March quarter declined to 1.05% from 1.11% in the previous quarter. However, restructured loans increased marginally to 0.4% of loans from 0.3% in the prior quarter. The provision coverage further expanded to 82.5% from 81% in the December quarter. Margins remained stable at 4.2% and the cost-to-income ratio rose to 49% following higher operating expenses. The Tier-1 capital ratio at the end of the March quarter was 12.5% and capital adequacy ratio was 16.5%. The stock will likely deliver 20% over the next one-year and trades at 3.7 times its fiscal 2012 book value.