Jan 18 HDFC Bank, 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
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 rupees ($342.4 million)in 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 and competes with bigger local rivals
State Bank of India and ICICI Bank.
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.
($1= 54.2900 Indian rupees)
(Reporting by Swati Pandey in MUMBAI; Editing by Matt Driskill)