India's largest private lender reports profit up 20%, beats …
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작성자 Chelsey 댓글 0건 조회 798회 작성일 22-11-15 04:22본문
By Nupur Anand
MUMBAI, Oct 15 (Reuters) - India's largest private lender on Saturday reported a 20% rise in net profit in the September quarter of this financial year, buoyed by higher loan growth and rise in other income.
Net profit rose to 106.05 billion rupees, beating estimates.
Analysts had expected a profit of 105.97 billion rupees, according to Refinitiv IBES data.
Net interest income, the difference between interest earned and paid out, was at 210.21 billion rupees, a 18.9% jump.
Other income grew by 16.7% on the back of improvement in fees and commission and improved foreign exchange and Selot5000 derivatives revenue.
Advances grew at 23.4% with the bank seeing a high pace of growth across all segments including retail, commercial and rural banking and even corporate and wholesale loans.
Deposits grew at 19%, significantly higher than industry wide growth with an uptick seen in both time deposits and current and savings account deposit.
India's loan growth was at a multi-quarter high of 16.4% year-on-year at September 23, according to the central bank data.
A low base, higher retail credit, increased demand for working capital requirement amidst high inflation has helped credit growth to pick up, Care Ratings said.
Meanwhile, deposit growth across the industry has remained comparatively tepid at 9.2%, as per the latest data.
HDFC Bank' core net interest margin, a key indicator of bank's profitability was at 4.3%.
The lender's asset quality also improved sequentially with gross not performing assets at 1.23% compared to 1.28% in June quarter.
Net NPA also registered an improvement and were down by 2 basis point in the same period.
Total provisions inched up slightly to 32.40 billion rupees in the September quarter compared to 31.87 billion rupees in the June quarter.
The bank remains well capitalised with capital adequacy ratio at 18%.
(Reporting by Nupur Anand; Editing by Michael Perry)
MUMBAI, Oct 15 (Reuters) - India's largest private lender on Saturday reported a 20% rise in net profit in the September quarter of this financial year, buoyed by higher loan growth and rise in other income.
Net profit rose to 106.05 billion rupees, beating estimates.
Analysts had expected a profit of 105.97 billion rupees, according to Refinitiv IBES data.
Net interest income, the difference between interest earned and paid out, was at 210.21 billion rupees, a 18.9% jump.
Other income grew by 16.7% on the back of improvement in fees and commission and improved foreign exchange and Selot5000 derivatives revenue.
Advances grew at 23.4% with the bank seeing a high pace of growth across all segments including retail, commercial and rural banking and even corporate and wholesale loans.
Deposits grew at 19%, significantly higher than industry wide growth with an uptick seen in both time deposits and current and savings account deposit.
India's loan growth was at a multi-quarter high of 16.4% year-on-year at September 23, according to the central bank data.
A low base, higher retail credit, increased demand for working capital requirement amidst high inflation has helped credit growth to pick up, Care Ratings said.
Meanwhile, deposit growth across the industry has remained comparatively tepid at 9.2%, as per the latest data.
HDFC Bank' core net interest margin, a key indicator of bank's profitability was at 4.3%.
The lender's asset quality also improved sequentially with gross not performing assets at 1.23% compared to 1.28% in June quarter.
Net NPA also registered an improvement and were down by 2 basis point in the same period.
Total provisions inched up slightly to 32.40 billion rupees in the September quarter compared to 31.87 billion rupees in the June quarter.
The bank remains well capitalised with capital adequacy ratio at 18%.
(Reporting by Nupur Anand; Editing by Michael Perry)
