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HDFC bank Q1 net profit up 20%; misses estimate as bad loan rise

HDFC bank net profit rose to Rs 3,894 cr in Q1, versus Rs 3,239 crore a year ago


HDFC Bank, India's second-biggest lender by assets, reported a slightly smaller-than-expected 20 per cent rise in quarterly net profit, hurt by higher provisions for bad loans. Indian banks are battling slower loan growth as companies are yet to restart projects they stalled during an economic downturn. Banks have also been hit by higher provisions and regulatory scrutiny as bad loans in the sector reached a record $150 billion last December. HDFC Bank's provisions, including for bad loans, surged nearly 80 per cent to Rs 1,559 crore($241.93 million) in the first quarter ...

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First Published: Mon, July 24 2017. 18:57 IST