HDFC Bank Q3 net up 31.2%, beats forecast

Mumbai: HDFC Bank, India’s third largest lender by assets, posted a 31.2 percent rise in December quarter profit, beating market forecasts, on lower loan loss provisions, stable asset quality and higher fee income.

The bank, which consistently beat market expectations over the past several quarters, said net profit was 14.3 billion rupees in the fiscal third quarter ended 31 Dec, compared with 10.9 billion a year earlier.

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HDFC Bank, which is also listed in New York, had been forecast to post a net profit of 13.49 billion rupees, according to Thomson Reuters.

Reuters