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India's HDFC Bank quarterly net profit rises 27%

India's HDFC Bank quarterly net profit rises 27%

FILE PHOTO: The headquarters of India's HDFC bank is pictured in Mumbai, India, December 4, 2015. REUTERS/Shailesh Andrade

MUMBAI (Reuters) - HDFC Bank, India’s largest private lender said on Saturday its net profit had risen by 27% in its second quarter, with strong loan growth and a higher net interest margin (NIM).

India’s largest privately-owned bank said its net profit increased to 63.44 billion rupees ($893 million) at the end of the second quarter of this financial year, compared to 50.05 billion rupees in the same period last year.

Gross non-performing assets were largely stable at 1.38% of gross advances, while Net NPA was at 0.42%, HDFC said.

NIM, a key indicator of a bank’s profitability, was 4.2%.

The bank remains well capitalized with a capital adequacy ratio of 17.5% at the end the latest quarter, well above the regulatory requirement.

Reporting by Nupur Anand; Editing by Alexander Smith

Topic: #hdfc bank
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