HDFC Bank, the country’s second
largest private bank, posted a 25% jump in net profit in the October-December
quarter on the back of robust loan growth, lower provisioning and tighter cost
control. This is the second consecutive quarter that the bank’s year-on-year
profit growth has been below 30%. The net profit was Rs 2,326 Cr as compared
with Rs 1,859 Cr in the year-ago period. Net interest income grew 16% and other
income, 11%. The bank recorded an overall loan growth of 23% as on December 31,
2013, boosted by loans to NRIs (nearly $2 billion) and large and mid-size firms
(22% growth).
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