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Saturday, Aug 17, 2019

HDFC Bank posts 18.2% rise in net profit in first quarter

Net profit rose to 46.01 billion rupees for the quarter ended June 30, from 38.94 billion rupees a year ago.

business Updated: Jul 21, 2018 16:45 IST
Reuters
Reuters
Mumbai
01 February, 2013, New Delhi : HDFC home loan office, near Palam Marg Munirka in New Delhi. Photo By Pradeep Gaur/ Mint
01 February, 2013, New Delhi : HDFC home loan office, near Palam Marg Munirka in New Delhi. Photo By Pradeep Gaur/ Mint(Pradeep Gaur/ Mint)
         

HDFC Bank Ltd posted a 18.2% rise in first-quarter profit on Saturday on higher interest and fee income, though it missed analysts’ estimates.

Net profit rose to 46.01 billion rupees ($669.43 million) for the quarter ended June 30, from 38.94 billion rupees a year ago, India’s second-biggest lender by assets said in a statement.

Analysts had on average expected a net profit of 47.66 billion rupees for the bank that has the highest market capitalisation in the sector at nearly $85 billion, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans stood at 1.33% at end-June, versus 1.3% at end-March.

First Published: Jul 21, 2018 16:44 IST

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