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HindustanTimes Fri,18 Apr 2014

HDFC Bank Q3 net up 25%; asset quality stable

Reuters  Mumbai, January 17, 2014
First Published: 14:34 IST(17/1/2014) | Last Updated: 14:37 IST(17/1/2014)

HDFC Bank, India's third biggest lender by assets, posted yet another quarter of slowing quarterly profit on weaker loan growth and fee income. HDFC Bank has been a sector outperformer posting consistent profit growth and stable asset quality in recent years, and is among the 'top picks' for most brokerages. Until the quarter-ended September, it had reported quarterly profit growth exceeding 30%, for the last decade.

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On Friday, the bank posted a 25% increase in net profit to Rs. 23.26 billion ($377.84 million) from 18.59 billion a year ago. Net interest income, the difference of interest earned and paid out, gained nearly 16% to Rs. 46.35 billion.

On average, analysts had expected the bank to post a net profit of 23 billion rupees, according to Reuters.

Asset quality at the bank remained mostly stable during the quarter. Non-performing loans as a percentage of total assets were at 0.3%, HDFC Bank said.

Earlier this week, smaller rivals Yes Bank and Axis Bank posted more than 19% increase in December quarter net profit.

($1 = Rs. 61.5600 Indian)

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