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HDFC Bank profit rise drives shares to record

Reuters  |  MUMBAI 

By Devidutta TripathyMUMBAI (Reuters) - Shares in HDFC Bank , India's second-biggest lender by assets, hit a record high on Friday thanks to higher than expected quarterly profit and a stable bad loans portfolio.Net profit rose 18.3 percent from a year earlier to 39.9 billion rupees ($617.60 million) for its fiscal fourth-quarter to March 31, HDFC Bank said, slightly ahead of analysts' estimate of 39.56 billion rupees.The Mumbai-based lender stands out in a sector that has been marked by a surge in soured assets and slower loan growth. A shock government ban on high-value banknotes in ...

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First Published: Fri, April 21 2017. 17:14 IST