India's HDFC Bank fourth-quarter profit up 22.6 pct to record high
* Q4 net 58.85 billion rupees vs forecast 58.46 billion
* Loans up 24.5 percent, domestic retail loans up 19 pct
(Adds details, background)
April 20 (Reuters) - India's HDFC Bank Ltd
reported a record quarterly net profit of 58.85 billion rupees
($848 million) on Saturday, meeting market expectations as the
country's biggest lender by market value raked in higher
interest and fee income.
The bank also said its board had approved raising up to 500
billion rupees by issuing debt over the next 12 months.
Net profit rose 22.6 percent in the fourth quarter through
March from 47.99 billion rupees a year ago. Analysts were
looking for a profit of 58.46 billion rupees, according to IBES
data from Refinitiv.
The private sector lender, which focuses on retail consumers
and has a relatively small exposure to the troubled
infrastructure sector, has been able to tame its bad loans and
stay profitable at a time when high levels of soured assets have
swept the sector.
HDFC Bank is the first major Indian lender to report results
for the final quarter of the year.
Overall its loans grew 24.5 percent as of end-March, of
which domestic retail loans climbed 19 percent.
Net interest income was up 22.8 percent, while the net
interest margin was 4.4 percent.
Asset quality improved slightly, with gross bad loans as a
percentage of the total at 1.36 percent by the end of March,
compared with 1.38 percent in the previous quarter and 1.30
percent in the same period last year.
($1 = 69.4020 Indian rupees)
(Reporting by Chris Thomas in Bengaluru
Writing by Swati Bhat
Editing by Himani Sarkar and David Holmes)
First Published: 2019-04-20 12:58:42
Updated 2019-04-20 13:51:14
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