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