India : HDFC Bank Q1 net up 20 pct, bad loans tick up
Thu Jul 21 2016
Rajesh Sharma (1810 articles)

India : HDFC Bank Q1 net up 20 pct, bad loans tick up

MUMBAI : HDFC Bank Ltd, India’s second-biggest private sector lender by assets, reported a 20 percent rise in quarterly profit on higher interest and fee income, in line with analysts’ estimates, although its bad loans rose.

Net profit was 32.39 billion rupees ($ 482 million) for its fiscal first quarter to June 30, compared with 26.96 billion rupees a year earlier, the Mumbai-based bank said in a statement on Thursday.

Analysts on average had expected a net profit of 32.52 billion rupees, according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans rose to 1.04 percent as of June 30, from 0.94 percent as of end-March.

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Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.