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


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.

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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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