MUMBAI, July 17 India's HDFC Bank Ltd
posted on Wednesday a 30 percent rise in first-quarter
net profits, in line with expectations, boosted by higher fee
income and credit growth.
The Mumbai-based lender, India's third largest in terms of
assets, has posted profit growth of more than 30 percent every
quarter for the last decade.
Net profit rose to 18.4 billion rupees ($310.7 million) in
the quarter ended June from about 14.17 billion rupees a year
earlier. Net interest income grew nearly 21 percent to 44.16
According to Thomson Reuters I/B/E/S, analysts had expected
a net profit of 18.46 billion rupees for the bank. HDFC competes
with bigger local rivals like State Bank of India and
Asset quality, valued by the market at about $27 billion,
worsened slightly, with net nonperforming loans as a percentage
of total assets at 0.3 percent compared with 0.2 percent a year
HDFC Bank's conservative lending strategies have helped it
maintain consistently strong growth and outperform local peers
struggling with an increase in bad loans.
($1 = 59.2150 Indian rupees)
(Reporting by Swati Pandey; Editing by Chris Gallagher and