HDFC Bank Ltd, India’s largest private lender, on Saturday posted a nearly 33 per cent jump in standalone net profit for the quarter to December helped by growth in its loans portfolio.
HDFC Bank reported a net profit of 74.16 billion Indian rupees ($1.04 billion) for its third quarter, up from 55.86 billion a year earlier, it said in a regulatory filing.
That topped the 70.59 billion rupees expected by analysts on average, data showed.
Gross bad loans increased to 1.42 per cent of total loans from 1.38 per cent.
The bank’s net interest margin (NIM), an indicator of profitability, remained stable at 4.2 per cent.
At a time when the industry has seen subdued loan growth, the bank saw its grow 19.9 per cent.
Deposits grew by 25.2 per cent, the bank said.
The bank remains well capitalised, with a capital adequacy ratio of 18.5 per cent at the end of the quarter, well above the regulatory requirement.
Source: Thanks WIONews.com