HDFC bank reported an 18.5% increase in net profits in the previous quarter, helped by sustained demand for loans, as credit growth has picked up in recent months in India. India's largest private lender reported a net profit of 1.51 billion dollars in December quarter, with a net interest income up nearly a quarter.
The net interest income, which is the difference between interest earned and paid, rose by 24.6%. Demand for credit has picked up in recent months because of sustained demand for loans, pushing lenders to scramble for deposits.
That was clear from the HDFC Bank's latest earning report. HDFC Bank's overall loans rose 19.5%, with rural loans jumping over 30%. Deposits rose nearly a fifth, helped by higher time deposits and current and savings account deposits.
The bank's asset quality was stable, with the nonperforming assets ratio unchanged. In the United States, the earnings seasons gathered steam, with top investment banks Goldman Sachs and Morgan Stanley among those reporting their results this week.
