India’s biggest private lender, HDFC Bank Ltd, said on July 16 that its net profit for the three months to June rose by 19% compared to the same period a year earlier, as provisions for bad loans dropped and loan growth picked up.
Notably, the net profit for the fiscal first quarter rose to 91.96 billion rupees ($1.15 billion) from77.3 billion rupees a year earlier; according to the lender’s statement in a regulatory filing.
Analysts on average had anticipated that the bank would report a profit of 94.9 billion rupees, based on Refinitiv data. Being the first lender in India to report first-quarter results, Mumbai-based HDFC Bank has recorded loan growth and asset quality improvement. It managed to report excellent numbers as business returned to normal levels after a pandemic slump.
The central bank has stated that improved lending may help the banks’ bad loan ratio improve by March 2023.
Buy Crypto NowHDFC Bank is set to bulk up its home loan portfolio with a $40 billion deal to purchase mortgage lender HDFC Ltd; said its net revenue in the quarter spiked 20% to 271.8 billion rupees.
The bank’s gross non-performing loan ratio, a measure of asset quality, improved to reach 1.28% in the quarter from 1.47% during the same period in 2021.
($1 = 79.7600 Indian rupees)
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