On the back of steady asset value and lower provisioning for bad loans, HDFC Bank Ltd.’s quarterly profit met analyst estimates.
A private lender said in a stock exchange filing today that the quarterly period January to March, a net profit rose 23 per cent year-on-year to Rs. 5,885 crores; which was above the analysts tracked.
Net interest income jumped to Rs. 13,090 crores with 23 per cent, higher than which was previously forecasted by the analysts of Rs. 12,465 crores.
Retail products are sustaining growth momentum with the bank also gaining market share in wholesale financing, largely from the capital and medium-term funding and some from the refinancing of term loans, as per a pre-earnings note. By focussing on its improving loan growth and garnering the deposits, HDFC was able to look forward to its growth.