HDFC Bank net up 31% on retail boom
MUMBAI: Riding on the huge retail boom, HDFC Bank has posted a profit of Rs 224.4 crore in Q3, up 31.3% over the previous quarter (Rs 170.93 crore).
The bank’s retail business grew 60%, while corporate banking grew over 30%. Total income rose to Rs 1475.94 crore against Rs 979.55 crore in Q2.
“Retail has been outperforming the wholesale business. We expect the retail segment to grow at the same pace given that the retail services have not penetrated much to the non-metro locations,”said Paresh Sukthankar, head, credit and market risk, HDFC Bank.
“Of 535 branches, 55% of the branches are in non-metro locations. Almost 30% to 40% of the incremental new retail business comes from these centres,”he added.
SOURCE:THE TIMES OF INDIA
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