HDFC Bank exceeds expectations with Q4 profit of $282M

HDFC Bank exceeded analysts' expectations with a 30.3 percent rise in fourth-quarter net profit of US$282 million or Rs 1453.

It's net income in the same period a year earlier was Rs 1114.7.

The Mumbai-based bank's performance was bolstered by higher fee income and credit demand as well as lower provisions for loan losses.

Analysts, on average, had expected a net profit of Rs 14.3 billion for the bank.

HDFC Bank's net advances grew 22.2 percent from a year ago to Rs 1.95 trillion as of end-March.

The lender reported steady asset quality, with the ratio of net non-performing assets to net advances at 0.2 per cent as of end-March, unchanged from a year ago period.

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