Oct 12 HDFC Bank, India's No.3 lender,
met forecasts with a 30 percent rise in quarterly profit, led by
stronger loan growth, better fee income and stable net interest
Mumbai-based HDFC Bank, among the first lenders to report
September quarter results, said on Friday its net profit rose to
15.6 billion rupees ($296.18 million) in the fiscal second
quarter-ended September from about 12 billion rupees a year
Net interest income grew 26.7 percent to 37.3 billion
According to Thomson Reuters I/B/E/S, analysts had expected
a net profit of 15.58 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 at the bank remained stable with net non
performing loans as a percentage of total assets at 0.2 percent,
unchanged from a year ago.
Net interest margin, a key gauge of profitability for banks,
stood at 4.2 percent in July-September, compared with 4.3
percent in the June quarter. The bank aims to keep this figure
in a range of 3.9-4.2 percent in the near-term.
($1 = 52.6700 Indian rupees)
(Reporting by Swati Pandey in MUMBAI; Editing by Jijo Jacob)