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ECB board member Nagel: The inflation outlook is very stable.Bank of England Governor Bailey: Market pricing suggests a wait-and-see approach is correct.January 30, 3:00 AM: The Feds first rate cut pause. 1. Trumps comment: Powell and the Fed havent been able to stop the inflation problem they created, and Im going to do that. March 20, 2:00 AM: The Feds second rate cut pause. 1. Trumps comment: As US tariffs (gradually!) begin to impact the economy, it would be much better for the Fed to lower interest rates. We need to do the right thing. May 8, 2:00 AM: The Feds third rate cut pause. 1. Trumps first comment: "Mr. Too Late" Powell is a fool. He has no clue. Other than that, I like him very much! Theres almost no inflation in the US. 2. Trumps second comment: Talking to Powell is like playing the lute to a cow. Hes always "too late." He probably doesnt like me! June 19, 2:00 AM: The Feds fourth rate cut pause. 1. Trumps first comment: "Mr. Too Late" Powell is the worst. Hes a complete idiot and is costing the US billions! He either cuts rates or resigns. 2. Trumps second comment: "Mr. Too Late" Powell is a disgrace to America! Hes cost the US hundreds of billions of dollars! Powell should cut interest rates by 250 basis points! July 31, 2:00 AM: The Fed pauses its fifth rate cut. 1. Trumps first comment: (Ten minutes before the decision) Powell probably wont cut rates today. He always acts too late, and even if he does, its too late. 2. Trumps second comment: Powell wont cut rates again. Hes too late, and in fact, hes too angry, too stupid, and too political to be Fed Chair. September 18, 2:00 AM: The Fed cuts interest rates by 25 basis points, causing a commotion in Milan. Dot plot. 1. Trump has not yet commented on the Feds actions.Bank of England Governor Bailey: Continue to believe that further interest rate cuts will be made.Bank of England Governor Bailey: The Bank of England will closely monitor the economic situation.

HDFC Bank, India's Largest Private Lender, Reports 18.5% Net Income Growth

Charlie Brooks

Jan 16, 2023 10:56

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HDFC Bank, the largest private lender in India, announced a net profit increase of 18.5% for the October-December quarter on Saturday, bolstered by a rise in revenue and a rise in loans.


The quarterly net profit rose from $1.51 billion ($103.42 billion) to $1.51 billion ($122.59 billion). According to data from Refinitiv IBES, analysts anticipated earnings of 118.33 billion rupees.


Interest earned minus interest paid grew by 24.6%, from 184.44 billion rupees to 229.88 billion rupees. The quarterly core net interest margin was 4.1%.


Advances climbed 19.5%, retail loans increased 21.4%, commercial and rural banking loans increased 30.2%, and other wholesale loans increased 20.0% for HDFC's third fiscal quarter.


The expansion of deposits of 19.9% was driven by time deposits, current account deposits, and savings account deposits.


Credit demand in India has surged in recent months due to a persistent demand for loans, causing a scramble for deposits among lenders. In the two weeks ending on December 16, according to the most recent data from the Reserve Bank of India, loans at Indian banks increased 17.4% compared to the same period last year, while deposits increased 9.35%.


During the previous three months, HDFC Bank's asset quality remained steady, with its gross non-performing assets (NPA) ratio being unchanged at 1.23 percent and its net NPA ratio remaining unchanged at 0.25 percent.


The provisions and contingencies reduced from 29.94 billion rupees the previous year to 28.06 billion rupees.


The bank's credit cost ratio declined from 0.87 percent in the previous quarter and 0.94 percent a year ago to 0.74 percent in the current quarter.

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