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)
India investigates damage caused by French submarine data leak
SYDNEY/NEW DELHI India is investigating the extent to which secrets about French Scorpene submarines being built in the country have been compromised, its defence ministry said on Wednesday, after a leak of documents relating to its combat capabilities.
U.S. oil falls 2 pct on surprise build in crude stocks
LONDON U.S. oil prices fell more than 2 percent on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years.
Sensex edges up but caution prevails ahead of Fed comments
Indian shares closed slightly higher on Wednesday, led by drug maker Aurobindo Pharma Ltd after stellar quarterly results, but sentiment remained edgy as investors awaited further cues on whether the U.S. Federal Reserve will raise interest rates this year.