Mumbai: HDFC Bank, India's No 3 lender, met forecasts with a 30 per cent rise in quarterly profit, led by stronger loan growth, better fee income and stable net interest margins. Mumbai-based HDFC Bank, among the first lenders to report September quarter results, said on Friday its net profit rose to Rs 1560 crore in the fiscal second quarter-ended September from about Rs 1200 crore a year earlier.
Net interest income grew 26.7 per cent to Rs 3730 crore. Analysts had expected a net profit of 15.58 billion rupees for the bank, which is also listed in New York and competes with bigger local rivals State Bank of India and ICICI Bank.
Asset quality at the bank remained stable with net non performing loans as a per centage of total assets at 0.2 per cent, unchanged from a year ago.
Net interest margin, a key gauge of profitability for banks, stood at 4.2 per cent in July-September, compared with 4.3 per cent in the June quarter. The bank aims to keep this figure in a range of 3.9-4.2 per cent in the near-term.
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