MUMBAI, July 19 (Reuters) - Housing Development Finance Corp (HDFC), India’s biggest mortgage lender, reported a 17 percent rise in net profit for the April-June quarter on Friday.
Standalone net profit for the fiscal first quarter was 11.73 billion rupees ($196.80 million), compared with 10.02 billion rupees a year earlier, while total income rose 12.6 percent to 55.57 billion rupees over the same period.
HDFC’s loan book at end-June stood at 1.8 trillion rupees, up nearly 20 percent from a year earlier, it said in a statement to the stock exchange.
Analysts on average expected HDFC to post a net profit of 12.18 billion rupees, according to Thomson Reuters I/B/E/S.
Shares in HDFC dropped as much as 2.8 percent to 806 rupees after it announced the results. ($1 = 59.6050 Indian rupees) (Reporting by Aditi Shah; Editing by Jijo Jacob)