HDFC Bank Shares Jump After Profit Tops Estimates on Loan Growth
- Profit in December quarter was 18% higher than previous year
- Loans grew 16% in the year to Dec. 31, outpacing system’s 6%
A HDFC Bank Ltd. branch in Mumbai, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
HDFC Bank Ltd., India’s largest private lender by assets, posted third-quarter profit that beat analyst expectations after earnings were buoyed by strong loan growth. Shares jumped.
Net income was 87.6 billion rupees ($1.2 billion) in the three months through December compared with 74.2 billion rupees a year earlier, exchange filings on Saturday showed. That beat the average estimate of 76.4 billion rupees from 18 analysts, according to data compiled by Bloomberg.