India’s third-largest lender by assets, HDFC Bank Ltd, reported a whopping 52% surge in its toxic loan pile for the quarter ended September and a 68% jump in provisions towards them.
Yet, the private bank reported a cool 20% growth in profits and an eye-popping 22% growth in loans when the rest of the industry is struggling to even reach mid-single digits. No wonder it is the most valued bank in the country. The stock did not trip up over the bad loan figure, especially when profitability metrics are enviable. Core income rose 22% and non-interest income also clocked a healthy 27% for the September quarter.
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