More News
RETAIL BANKING | Staff Reporter, India

India's HDFC Bank posts $1.2b in Q3 profit

Gross bad loan ratio shrank to 0.8% at end-December.

HDFC Bank, India’s largest lender by assets, recorded $1.2b in Q3 profit driven by strong loan growth and lower bad loans, reports Bloomberg.

It beat analysts' average estimate of $1.04b (INR76.4b), Bloomberg said.

The gross bad loan ratio shrank to 0.8% at the end of December from 1.08% three months earlier. The ratio would have been 1.38% without the relaxation of rules regarding the recognition for bad debt, the bank said.

Its loan book grew by an annual 16% from October to December, outpacing sector average growth of 6%.

Last year, the bank was ordered to curb some digital and credit card operations following a series of technical glitches, a rare step by the financial regulator as online transactions surge in the nation.

Here’s more from Bloomberg.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.