HDFC net profit rises 12 pct, meets estimates

MUMBAI Wed Jan 22, 2014 1:59pm IST

An employee poses with the bundles of Indian rupee notes inside a bank in Agartala, August 22, 2013. REUTERS/Jayanta Dey/Files

An employee poses with the bundles of Indian rupee notes inside a bank in Agartala, August 22, 2013.

Credit: Reuters/Jayanta Dey/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Mortgage lender Housing Development Finance Corp (HDFC)(HDFC.NS) posted a 12 percent gain in quarterly net profit, in line with estimates, aided by higher loan growth.

Net profit rose to 12.8 billion rupees in the December quarter compared with 11.4 billion rupees a year earlier, HDFC said on Wednesday.

Income from operations increased 16.3 percent in the fiscal third quarter, while profit from sale of investments fell to 346.2 million rupees from 963.2 million a year earlier.

Total expenditure rose about 15 percent, largely driven by interest charges, it said.

HDFC faces an intensifying battle for business and market share as banks aggressively push home loans.

The lender has said it is betting on increased loan demand in smaller cities to boost growth in a slowing economy.

Net interest margin for the nine months ended December was at 4 percent, HDFC said. A year-ago comparison was not immediately available.

(Reporting by Swati Pandey; Editing by Ryan Woo)

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

Addressing India's Infra Needs

REUTERS SHOWCASE

FCI Revamp

FCI Revamp

Govt begins revamp of Food Corporation of India to cut waste, tame prices  Full Article 

Banking Fraud

Banking Fraud

Govt probing alleged fraud in two state-run bank branches   Full Article 

New Metro Rail

New Metro Rail

Cabinet approves $1.4 bln new metro rail project   Full Article 

Gold Stagnation

Gold Stagnation

Fading volatility promises long period of gold stagnation  Full Article 

Rupee Gains

Rupee Gains

Rupee hits 3-week high on debt-related dollar inflows  Full Article 

Reuters India Mobile

Reuters India Mobile

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