HDFC Bank Profit Beats Estimate Despite Higher Provision

HDFC Bank Ltd., India’s largest private sector lender, posted first quarter profits that beat estimates despite increased provisions on its balance sheet.

Net income rose 12% to 181.55 billion rupees in the three months ended June from a year earlier, according to a statement on Saturday. That beat the average estimate of 176.18 billion rupees, based on a Bloomberg survey of analysts.