India’s HDFC Bank reports record profit for July to Sept quarter

BENGALURU/ NEW DELHI: HDFC Bank Ltd ( HDFC Bank) has reported record profit for the three months ending September 30 broadly in line with expectations, helped by higher interest and fee income.

Net profit rose to 50.05 billion rupees ( US$ 682.16 million) for the quarter ended September 30, from 41.51 billion rupees a year ago, India’s biggest lender by market capitalisation said.

Fifteen analysts, on average, had expected a net profit of 50.3 billion rupees, according to I/B/ E/S data from Refinitiv.

Asset quality was largely stable, with gross bad loans as a percentage of total loans standing at 1.33 per cent at the end of September, unchanged from the previous quarter and from 1.26 per cent in the same period last year. — Reuters