India’s HDFC Bank’s April-June earnings up 19% yoy

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People wait to enter HDFC Bank in Kolkata, India November 11, 2016. REUTERS/Rupak De Chowdhuri

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MUMBAI, July 16 (Reuters) – India’s largest private lender, HDFC Bank Ltd (HDBK.NS) said on Saturday that its net profit for the three months to June rose 19% compared to the same period last year, as provisions for non-performing loans fell and credit growth picked up.

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

According to data from Refinitiv, analysts on average had expected the bank to report profit of Rs 94.9 billion.

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

The central bank has said improved lending could help banks’ bad loan ratios improve by March 2023. Read more

HDFC Bank, which will beef up its home loan portfolio with a $40 billion deal to buy mortgage lender HDFC Ltd (HDFC.NS), said its net income for the quarter rose 20% to Rs.271.8 billion.

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 last year.

($1 = 79.7600 Indian Rupees)

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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.

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