India’s largest private lender HDFC Bank on Saturday reported a 20% rise in net profit in the September quarter of this financial year, buoyed by higher loan growth and rise in other income. Net profit rose to 106.05 billion Indian rupees, beating estimates. Analysts had expected a profit of Rs105.97 billion, according to Refinitiv IBES data. Other income grew by 16.7% on the back of improvement in fees and commission and improved foreign exchange and derivatives revenue. Advances grew at 23.4% with the bank seeing a high pace of growth across all segments including retail, commercial and rural banking and even corporate and wholesale loans. India’s loan growth was at a multi-quarter high of 16.4% year-on-year at September 23, according to the central bank data.
Published in The Express Tribune, October 16th, 2022.
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