July 20, 2019 / 1:01 PM / 6 months ago

India's HDFC Bank net profit rises 21% in June quarter

FILE PHOTO: The headquarters of India's HDFC bank is pictured in Mumbai, India, December 4, 2015. REUTERS/Shailesh Andrade

MUMBAI/NEW DELHI (Reuters) - India’s HDFC Bank Ltd (HDBK.NS), the largest private lender in the country, registered a 21% net profit rise for the June quarter on the back of strong retail lending, it said on Saturday.

Net profit rose to 55.68 billion rupees ($808.71 million) in the quarter ending June 30, compared with 46 billion rupees in the corresponding quarter last year.

The results were in line with market expectations as analysts had expected the bank to clock a net profit of 56 billion rupees for the quarter, Refinitiv data showed.

The private sector lender, which mainly focuses on retail customers, has managed to keep its bad loans under check. Gross non-performing assets, a measure of asset quality, stood at 1.4% at the quarter ending June 30.

Overall, HDFC’s total advances stood at 8,297 billion rupees, an increase of 17% over the June quarter last year, it said in a media statement.

Domestic retail loans grew by 16.5%, the bank said.

Reporting by Nupur Anand and Aditya Kalra; Editing by Euan Rocha and Clare Fallon

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