HDFC Bank, India’s biggest private sector lender, re- ported a 35% rise in profit to
`16,175 crore in June quarter from the year ago, helped by lo- wer provisions and strong net in-
Kotak Bank Net Up 79% on Gain from Insurance Stake Sale
Kotak Mahindra Bank reported a 79% rise in its consolidated net
profit for the quarter ended June to `7,448 crore on the back of one-time gains made from the sale of a stake in Kotak General Insurance to Zurich Insurance Group. The bank’s standalone net profit rose 81% to `6,250 crore. Excluding gains from the disinvestment, it was up 2% on year at `3,520 crore. ⯈ 3
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Arindam Majumder & Forum Gandhi
New Delhi | Mumbai: Airlines struggled on Saturday to conta- in the effects of Friday’s tech outage that had wrecked travel schedules around the world, de- laying or stranding passengers
`15,652 crore Bloomberg estima- te. The bank had posted a profit of `11,952 crore in the year before. This is the first time that HDFC Bank earnings have fac- tored in the numbers of the erst- while Housing Development Fi- nance Corp. The two merged on July 1, 2023.
The lender said advances grew 52.6% on year in the June quar- ter driven by retail loans, which more than doubled to `12.8 lakh crore. Corporate and wholesale loans grew 18.7% on year to `4.8 lakh crore. Total loans stood at
`24.8 lakh crore.
“On the wholesale category, we have seen that credit demand is high but the rates are benign,” said chief financial officer Srini- vasan Vaidyanathan. “The spre- ad over government securities is thinner and competition pushes it even down. We want to be cir- cumspect in how we price and choose (loans). In the retail seg- ment, we are leaders on mortga- ges but on the unsecured side, we have seen regulators talking abo- ut being cautious of credit quali- ty. We are cautious of the credit and calibrate accordingly.”