HDFC Bank net profit up 25 per cent; asset quality stable

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 percent, for the last decade.

On Friday, the bank posted a 25 percent increase in net profit to 23.26 billion rupees from 18.59 billion a year ago. Net interest income, the difference of interest earned and paid out, gained nearly 16 percent to 46.35 billion rupees.

On average, analysts had expected the bank to post a net profit of 23 billion rupees, according to Thomson Reuters I/B/E/S.

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

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

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Banks must learn from past mistakes to promote financial inclusion

    Prime minister Narendra Modi launched a massive financial inclusion programme yesterday titled “pradhan mantri jan dhan yojana’ (PMJDY), that will

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Could prohibition mean profiteering?

In the mid 1930s, an American journalist asked Bapu if ...

Zehra Naqvi

The five universal languages of love

Love is a universal language. Don’t we all believe that? ...

Dharmendra Khandal

Time to protect our endangered wildlife species

After 65 million years of existence, the earth’s biodiversity is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture