MUMBAI Oct 15 India's No.3 lender by assets
HDFC Bank posted quarterly profit growth of 27
percent, in line with analyst estimates, due to losses in its
investment portfolio, higher operating expenses and worsening
That was the first time in a decade that HDFC Bank's net
profit has fallen below 30 percent.
Net profit rose to 19.8 billion rupees ($322.08 million) in
the quarter ended Sept. 30 from about 15.6 billion rupees a year
earlier, the bank said on Tuesday. Net interest income grew
nearly 15 percent to 44.8 billion rupees.
According to Thomson Reuters I/B/E/S, analysts had expected
HDFC Bank to post net profit of 19.8 billion rupees.
Asset quality at the third-biggest Indian lender behind
State Bank of India and ICICI Bank worsened,
with nonperforming loans as a percentage of total assets at 1.1
percent compared with 0.9 percent a year earlier.
($1 = 61.4750 Indian rupees)
(Reporting by Swati Pandey; Editing by Ryan Woo)