India’s HDB Financial posts higher profit on strong credit demand
- The company’s interest income rose 13% year-on-year to 39.89 billion Indian rupees
India’s HDB Financial Services posted a nearly 36% rise in third-quarter profit on Wednesday, aided by improved loan growth.
Net profit rose to 6.44 billion rupees ($71.3 million) for the quarter ended December 31 from 4.72 billion Indian rupees a year earlier.
Indian lenders reported double-digit loan growth in the October–December period, supported by spending linked to the localfestive season and sweeping consumption tax cuts.
The company’s interest income rose 13% year-on-year to 39.89 billion Indian rupees.
The results mark HDB’s third quarterly update since its trading debut in July. The firm, which operates more than 1,747 branches across India, posted profit declines in the previous two quarters, weighed down by elevated bad loans.
Loan losses and provisions rose 12% year-on-year, but fell nearly 5% from a quarter ago.
Comments