India’s HDFC Bank April-June profit up 19% YoY

People wait to enter the HDFC bank in Kolkata, India November 11, 2016. REUTERS/Rupak of Chowdhuri

Join now for FREE unlimited access to Reuters.com

Register

MUMBAI, July 16 (Reuters) – India’s biggest private lender, HDFC Bank Ltd (HDBK.NS), said on Saturday its net profit for the three months to June rose 19% from the same period a year earlier, as bad debt provisions fell and loan growth resumed.

Net profit for the fiscal first quarter rose to 91.96 billion rupees ($1.15 billion) from 77.3 billion rupees a year earlier, the lender said in a regulatory filing.

Analysts on average had expected the bank to post a profit of 94.9 billion rupees, according to Refinitiv data.

Join now for FREE unlimited access to Reuters.com

Register

Mumbai-based HDFC Bank, India’s first lender to report first-quarter results, saw loan growth and asset quality improve as business returned to normal after a pandemic crisis.

The central bank said improved lending could help banks’ bad debt ratios improve by March 2023. read more

HDFC Bank, which is expected to bolster its home loan portfolio with a $40 billion deal to buy mortgage lender HDFC Ltd (HDFC.NS), said its net income in the quarter jumped 20% to 271, 8 billion rupees.

The bank’s gross non-performing loan ratio, a measure of asset quality, improved to 1.28% in the quarter from 1.47% in the same period a year ago.

($1 = 79.7600 Indian rupees)

Join now for FREE unlimited access to Reuters.com

Register

Reporting by Chris Thomas in Bengaluru and Rajendra Jadhav in Mumbai Editing by William Mallard and Helen Popper

Our standards: The Thomson Reuters Trust Principles.

Comments are closed.