2 Min Read
Oct 12 (Reuters) - 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 margins.
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 earlier.
Net interest income grew 26.7 percent to 37.3 billion rupees.
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)