HDFC Bank on Thursday reported a net profit of Rs 3,239 crore in the June quarter, meeting consensus Street estimates. India's second-biggest private sector lender by assets reported a 20 per cent year-on-year rise in quarterly profit on higher interest and fee income.
Mumbai-based HDFC Bank's net interest income, or the difference between interest earned on loans and given on deposits, rose to Rs 7,781 crore in the first quarter.
Ravikant Bhat of IDBI Capital told NDTV Profit that HDFC Bank's Q1 net is in line with expectations.
HDFC Bank had reported a net profit of Rs 2,696 crore on NII of Rs 6,388 crore in the corresponding quarter of last fiscal.
However, HDFC Bank's gross bad loans as a percentage of total loans rose to 1.04 per cent as of June 30, from 0.94 per cent as of end-March. Rising bad loans forced HDFC Bank to increase provisions for stressed loans, which increased 19 per cent to Rs 867 crore against Rs 765 crore in the corresponding quarter of last fiscal.
HDFC Bank shares closed 0.29 per cent lower at Rs 1,228.60 compared to 0.65 per cent fall in the broader Nifty.
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