July 21, 2018 / 10:32 AM / a year ago

India's HDFC Bank posts 18.2 pct rise in net profit in first quarter

MUMBAI, July 21 (Reuters) - India’s HDFC Bank Ltd posted a 18.2 percent rise in first-quarter profit on Saturday on higher interest and fee income, though it missed analysts’ estimates.

Net profit rose to 46.01 billion rupees ($669.43 million) for the quarter ended June 30, from 38.94 billion rupees a year ago, India’s second-biggest lender by assets said in a statement.

Analysts had on average expected a net profit of 47.66 billion rupees for the bank that has the highest market capitalisation in the sector at nearly $85 billion, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans stood at 1.33 percent at end-June, versus 1.3 percent at end-March. ($1 = 68.7300 Indian rupees) (Reporting by Promit Mukherjee in Mumbai and Chris Thomas in Bengaluru; Editing by Himani Sarkar amnd Andrew Heavens)

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