HDFC Bank Q3 net profit up 33% on loan growth, beats estimates
HDFC Bank reported a net profit of Rs 7,416 crore ($1.04 billion) for its third quarter, up from Rs 5,586 crore a year earlier, it said in a regulatory filing.
That topped the Rs 7,059 crore expected by analysts on average, Refinitiv Eikon data showed.
Gross bad loans increased to 1.42% of total loans from 1.38%.
The bank’s net interest margin (NIM), an indicator of profitability, remained stable at 4.2%.
At a time when the industry has seen subdued loan growth, the bank saw its grow 19.9%.
Deposits grew by 25.2%, the bank said.
The bank remains well capitalised, with a capital adequacy ratio of 18.5% at the end of the quarter, well above the regulatory requirement.
How You Feel about this News,Post your comments and share the news..
(News are directly taken from Syndicate feeds,Press24 team not edited its content instead for title for more information visit source link)