HDFC Bank’s Profit Meets Estimate on Higher Interest Income
- Interest income was 385.9 billion rupees, up 23% from year ago
- Gross bad loans were 1.23% versus 1.28% in preceding quarter
A HDFC Bank Ltd. branch in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
HDFC Bank Ltd.’s quarterly profit rose 20%, almost in line with analyst estimates as higher interest income boosted India’s biggest lender by market valuation, setting the tone for the nation’s bank earnings.
Net income for the quarter ended September stood at 106.1 billion rupees ($1.3 billion), compared to 88.3 billion rupees a year ago, according to an exchange filing on Saturday. A Bloomberg survey of analysts estimated an average profit of 105.5 billion rupees. Its interest income surged 23% in the latest quarter compared to the year ago period.