HDFC Bank Q3 net profit up 30 percent, meets forecasts

Fri Jan 18, 2013 1:21pm IST

A customer walks out of a HDFC Bank branch as another deposits a cheque at a counter in Mumbai November 17, 2012. REUTERS/Vivek Prakash/Files

A customer walks out of a HDFC Bank branch as another deposits a cheque at a counter in Mumbai November 17, 2012.

Credit: Reuters/Vivek Prakash/Files

Related Topics

Stocks

   

REUTERS - HDFC Bank (HDBK.NS), India's No.3 lender, met forecasts with a 30 percent rise in quarterly profit on Friday led by higher loan growth, better fee income and stable asset quality.

Mumbai-based HDFC Bank, which has posted profit growth of more than 30 percent every year for the last decade, said its net profit rose to 18.6 billion rupeesin the quarter ended December from about 14.3 billion rupees a year earlier. Net interest income grew 21.3 percent to 38 billion rupees.

According to Thomson Reuters I/B/E/S, analysts had expected a net profit of 18.3 billion rupees for the bank, which is also listed in New York (HDB.N) and competes with bigger local rivals State Bank of India and ICICI Bank (ICBK.NS).

Asset quality, valued by the market at about $29 billion, was stable with net non-performing loans as a percentage of total assets at 0.2 percent.

The bank's net interest margin, a key gauge of profitability, is among the highest in the sector. It aims to keep it in a range of 3.9-4.2 percent in the near term. The figure for fiscal third quarter was not immediately available.

(Reporting by Swati Pandey in MUMBAI; Editing by Matt Driskill)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Pricing Controls

REUTERS SHOWCASE

India-China Relations

India-China Relations

India says to defend China border after standoff ahead of Xi visit.  Full Article 

Importing Iron Ore

Importing Iron Ore

As mining curbs bite, India offers market to glut-hit iron ore.  Full Article 

Lower Output

Lower Output

IOC cuts refinery output as rains hit fuel demand - source.  Full Article 

Drug Approval

Drug Approval

Epirus, Ranbaxy win India approval for arthritis drug copy.  Full Article 

Farming and Technology

Farming and Technology

Climate smart farmers get tech savvy to save India's bread basket.  Full Article 

Rajan Speaks

Rajan Speaks

RBI chief Rajan says limiting reliance on foreign debt.  Full Article 

India-Vietnam Ties

India-Vietnam Ties

India tightens Vietnam defence, oil ties ahead of China Xi's visit.  Full Article 

Debt & Equity Deal

Debt & Equity Deal

KKR to lend $175 million to GMR Infrastructure - source.  Full Article 

Preparing for IPO

Preparing for IPO

Alibaba boosts IPO as demand strengthens.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage