HDFC Bank net profit rises 24% on-year in January-March quarter, advances grew by 19.9%

India’s largest private sector lender HDFC Bank today reported a 24% growth in consolidated net profit to Rs 10,474 crore, in line with expectations pinned by most analysts. The bank’s profit soared when compared to the previous year but was marginally lower sequentially. Net interest income was also higher and provisions were lower from the previous year, as anticipated by the street. HDFC Bank commands an 11% market share in the banking sector, second only to public sector lender, State Bank of India (SBI). HDFC Bank shares fell during this week’s holiday-shortened trading sessions, down 3.34% to settle at Rs 1,464 per share.

To be updated

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