MUMBAI, Feb 14 (Reuters): India's HDFC Bank Ltd said on Saturday its quarterly net profit grew by a fifth, helped by a surge in corporate and retail credit demand amid hopes of a pick-up in Asia's third-largest economy.
New Delhi expects the economy to grow an annual 7.4 per cent in the year ending in March, faster than a revised 6.9 per cent a year earlier.
Banks in India have been hurt by an economic slowdown in the past two years that has weighed on credit growth and led to a spike in bad loans, though private lenders such as HDFC Bank have been relatively less impacted by bad loan problems than their state rivals.
HDFC Bank's Deputy Managing Director Paresh Sukthankar said demand for corporate loans should continue to improve in coming quarters as small and mid-sized firms also start investing to boost capacity.
The second-biggest Indian private sector lender by assets said net profit rose to 27.95 billion rupees ($450.33 million) in its fiscal third quarter to Dec. 31, from 23.26 billion rupees in the same period a year earlier.
Analysts on average had expected the bank to post a profit of 27.8 billion rupees, according to data compiled by Thomson Reuters.
India\\\'s HDFC Bank Q3 profit up 20.2 pc as loan demand rises
FE Team | Published: February 15, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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