Housing Development Finance Corporation (HDFC) on Friday said its standalone net profit for the quarter ended June 30 increased by 17 per cent to Rs 1,173 crore. The earnings growth, aided by higher interest income, was capped on account of absence of gains from sale of investments. On a consolidated basis, HDFC reported a 34 per cent year-on-year rise in profit after tax during the first quarter of this financial year. The consolidated net profit rose to Rs 1,707 crore, with share of gains from subsidiary and associate companies expanding to 31 per cent in the April-June period from 25 per cent a year earlier. Its net interest income was up 17 per cent, while net interest margin was 3.9 per cent during the quarter. The spread on loans over the cost of borrowings was 2.29 per cent. While it had made Rs 20 crore gains from sale of investments in the first quarter of 2011-12, it did not book any profit from investment sale in the first three months of this financial year.