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.
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