October 20, 2018 / 11:37 AM / a month ago

HDFC Bank reports record profit for July-September quarter

A private security guard moves past a signboard of a HDFC Bank automated teller machine (ATM) in New Delhi, India, October 20, 2016. REUTERS/Adnan Abidi

BENGALURU/NEW DELHI (Reuters) - HDFC Bank Ltd has reported record profit for the three months ending Sept. 30 broadly in line with expectations, helped by higher interest and fee income.

Net profit rose to 50.05 billion rupees ($682.16 million) for the quarter ended Sept 30, from 41.51 billion rupees a year ago, India’s biggest lender by market capitalisation said in a statement. Fifteen analysts, on average, had expected a net profit of 50.30 billion rupees, according to I/B/E/S data from Refinitiv.

Asset quality was largely stable, with gross bad loans as a percentage of total loans standing at 1.33 percent at the end of September, unchanged from the previous quarter and from 1.26 percent in the same period last year.

($1 = 73.3700 rupees)

Reporting by Chris Thomas in Bengaluru and Neha Dasgupta in New Delhi. Editing by Jane Merriman

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