rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » HDFC Bank net profit up 30%

HDFC Bank net profit up 30%

April 23, 2013 15:02 IST

HDFC Bank Ltd, India's No.3 lender by loan value, met forecasts with a 30 per cent rise in quarterly profit on Tuesday led by higher loan growth, fee income and stable asset quality.

Mumbai-based HDFC Bank, which has posted profit growth of more than 30 per cent every year for the last decade, said its net profit rose to Rs 1,890 crore (Rs 18.9 billion) in the quarter ended March from about Rs 1,453 crore (Rs 14.53 billion) a year earlier. Net interest income grew about 21 per cent to Rs 4,290 crore (Rs 42.9 billion).

According to Thomson Reuters I/B/E/S, analysts had expected a net profit of Rs 1,887 crore (Rs 18.87 billion) for the bank, which is also listed in New York and competes with bigger local rivals State Bank of India and ICICI Bank.

Asset quality, valued by the market at about $31 billion, was stable with net non-performing loans as a percentage of total assets at 0.2 per cent.

The bank's net interest margin, a key gauge of profitability, is among the highest in the sector at 4.5 per cent compared with 4.4 per cent a year ago.

Swati Pandey in Mumbai
Source:
© Copyright 2014 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.