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HDFC Bank net profit up 30% at Rs 1843 cr, bad loans rise

New Delhi, July 17: Private sector-lender, HDFC Bank on Wednesday reported a Profit After Tax ( PAT) of Rs 1843 crore for the first quarter of the current financial year. This is a 30% increase

India TV News Desk [ Updated: July 17, 2013 14:56 IST ]
hdfc bank net profit up 30 at rs 1843 cr bad loans rise
hdfc bank net profit up 30 at rs 1843 cr bad loans rise

New Delhi, July 17: Private sector-lender, HDFC Bank on Wednesday reported a Profit After Tax ( PAT) of Rs 1843 crore for the first quarter of the current financial year. This is a 30% increase year-on-year. The result, which is in line with expectations, was boosted by higher fee income and credit growth.




The Mumbai-based lender, India's third largest in terms of assets, has posted profit growth of more than 30 per cent every quarter for the last decade. The Gross Non-Performing Assets ( NPAs) were reported at 1%, unchanged quarter-on-quarter.

Net interest income grew nearly 21 per cent to Rs 4416 crore. Asset quality, valued by the market at about $27 billion, worsened slightly, with net nonperforming loans as a percentage of total assets at 0.3 per cent compared with 0.2 per cent a year ago.

HDFC Bank's conservative lending strategies have helped it maintain consistently strong growth and outperform local peers struggling with an increase in bad loans.

At 2:15 PM, shares in HDFC Bank were trading at Rs 659.75, down 2.78% on the Bombay Stock Exchange. They had hit an intra-day high of Rs 683.8 and a low of Rs 647.00 till then.

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