New Delhi: HDFC Bank, the largest private lender in the country, registered a 21 percent net profit rise for the June quarter owing to strong retail lending, it said on Saturday.
The Bank’s net profit rose to Rs. 5,568 crore ($808.71 million) in the quarter ending June 30, compared with Rs. 4,600 crore in the corresponding quarter last year.
This is in sync with market expectations as analysts had expected the bank to clock a net profit of Rs. 5,600 crore for the quarter, Refinitiv data showed.
The private sector lender, which mainly focuses on retail customers, has managed to keep its bad loans under check. Gross non-performing assets, a measure of asset quality, stood at 1.4 percent at the quarter ending June 30.
Overall, HDFC’s total advances stood at Rs. 8,29,730 crore, an increase of 17 percent over the June quarter last year, it said in a media statement.