India's HDFC Bank quarterly profit rises 4.7%, narrowly misses estimates as treasury income slumps

According to Business Recorder, HDFC Bank's standalone earnings for the three months to September 30 came to 195.10 billion Indian rupees ($2.05 billion), against 186.41 billion a year earlier, a rise of 4.7 per cent. The figure fell just short of the 195.26 billion rupees analysts had projected, based on LSEG data. Weaker treasury gains and higher provisions for doubtful loans offset strong lending growth.

Income from treasury trading shrank to 7.8 billion rupees, down from 23.9 billion a year earlier. Other income, including bond and investment gains, fell 3.6 per cent to 138.31 billion rupees. Net interest income climbed 9.7 per cent to 346.19 billion rupees, while total loans grew 16.3 per cent.

Deposits rose 18.8 per cent and the credit-to-deposit ratio stood at 96.0 per cent. Asset quality improved, with the gross non-performing asset ratio easing to 1.11 per cent at end-September from 1.17 per cent at end-June. Anup Bagchi, a longtime ICICI group executive, begins a three-year term as chief executive on October 27, days after these results.