India's largest private lender, HDFC Bank, reported a 30% rise in its first-quarter profit, helped by higher net interest income and strong loan and deposit growth.
The bank's standalone net profit for the quarter stood at ₹119.52 billion ($1.46 billion), up from ₹91.96 billion a year earlier. Revenue beat estimates, coming in at ₹114.97 billion.
Loan growth was robust at 15.8% for the quarter while deposits rose even faster at 19.2%. The lender said net interest margin stood at 4.1%.
Asset quality was largely stable with gross NPA ratio slipping slightly to 1.17% from 1.12% in the previous quarter. Provisions for loan losses declined 10.3% to ₹28.6 billion.
The results come after the bank recently completed its merger with Housing Development Finance Corporation (HDFC), aiming to tap rising demand for home loans.
The bank said retail and wholesale loans now accounted for 57% and 43% of the total loan book respectively following the merger. It plans to continue focusing on retail loans and products like construction finance and certain corporate loans.
