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India’s HDFC Bank Q2 Profit Surges 19% On Year

admin by admin
7월 18, 2022
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India’s HDFC Bank Q2 Profit Surges 19% On Year
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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.

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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.

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HDFC 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)

Tags: bankbankingbusinessHDFC BankIndiainvestmentlending
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