Investing.com-- HDFC Bank (NSE:HDBK), India's largest private-sector lender, reported a modest rise in quarterly profit on Saturday, as growth in interest income and loans offset weaker treasury trading gains.
The bank's standalone net profit rose 4.7% to 195.1 billion rupees ($2.1 billion) in the July-September quarter, compared with the year-earlier period, below the average analyst estimate of 195.89 billion rupees in a Bloomberg survey.
Net interest income, the difference between interest earned and paid, grew 9.7% to 346.2 billion rupees. Net interest margin stood at 3.16% of total assets.
Other income was 138.3 billion rupees, with treasury trading gains falling to 7.8 billion rupees from 23.9 billion rupees a year earlier. Excluding treasury trading gains, profit rose approximately 12.6%.
Average deposits grew 16.8% year-on-year, while average advances under management increased 14.1%. Gross non-performing assets improved to 1.11% of gross advances from 1.24% a year earlier.
The outlook will hinge on loan growth, deposit costs, margins and credit quality as the bank seeks to sustain earnings growth.
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