Thiruvananthapuram

28°C

Haze

Enter word or phrase

Look for articles in

Last Updated Monday May 21 2018 10:49 AM IST

HDFC Bank posts record Q3 profit on steady asset quality

Text Size
Your form is submitted successfully.

Recipient's Mail:*

( For more than one recipient, type addresses seperated by comma )

Your Name:*

Your E-mail ID:*

Your Comment:

Enter the letters from image :

HDFC Bank posts record Q3 profit on steady asset quality

HDFC Bank Ltd reported a record high quarterly profit, as an increase in interest and fee incomes as well as a steady non-performing loan ratio boosted the bottom line for India's second-largest lender by assets.

Net profit for the lender rose 20 per cent to 46.43 billion rupees ($728.4 million) for the third quarter ended December 31, from 38.65 billion rupees a year ago.

That was its highest ever quarterly profit and broadly in line with the 46.31 billion rupees analysts had expected on average, according to Thomson Reuters data.

The bank's gross bad loans as a percentage of total loans were 1.29 per cent at end-December, versus 1.26 per cent at end-September.

The HDFC Bank, the most valuable in the sector with a market capitalization of more than $78 billion, has the lowest bad-loan ratio among India's top lenders as it focuses on retail clients and has relatively smaller exposure to segments such as infrastructure financing.

That has helped it grow loans faster at a time when rivals, especially the state-backed lenders, are struggling with record levels of soured loans in the sector.

The HDFC Bank's net interest income rose 24.1 per cent from a year to 103.14 billion rupees, helped by average asset growth of 16.6 percent. Its core net interest margin was 4.3 percent. Non-interest income rose 23.1 percent to 38.69 billion rupees.

Shares in HDFC Bank were trading up 0.5 per cent by 0656 GMT in a Mumbai market that gained 0.1 per cent. ($1 = 63.7425 Indian rupees)

Read more: Business | Airtel Q3 profit misses forecasts

The opinions expressed here do not reflect those of Malayala Manorama. Legal action under the IT Act will be taken against those making derogatory and obscene statements.

Email ID:

User Name:

User Name:

News Letter News Alert
News Letter News Alert