HDFC Bank 4Q profit up 33% at $188mln

The above market expectations figures were driven by higher margins and loan growth.

India's HDFC Bank Ltd. Saturday said its fiscal fourth quarter net profit rose nearly 33% led mainly by improved margins and loan growth.

Net profit for the January-March period rose to INR8.37 billion ($188.87 million) from INR6.31 billion ($142.39 million) a year earlier, the private sector lender said in a filing to the Bombay Stock Exchange, according to an article in the Wall Street Journal.

The results are above market expectations. A Dow Jones Newswires poll of 10 analysts had estimated a net profit of INR8.16 billion ($184.14 million) over a net interest income of INR23.38 billion ($527.59 million).

The bank's net interest income--difference between interest earned and interest paid--rose to INR23.51 billion ($530.52 million) from INR18.52, a jump of 27% from a year earlier.