HDFC April-June net up 17 percent, misses estimates

MUMBAI (Reuters) - Housing Development Finance Corp (HDFC) , India's biggest mortgage lender, reported a 17 percent rise in net profit for the April-June quarter on Friday.

Standalone net profit for the fiscal first quarter was 11.73 billion rupees, compared with 10.02 billion rupees a year earlier, while total income rose 12.6 percent to 55.57 billion rupees over the same period.

HDFC's loan book at end-June stood at 1.8 trillion rupees, up nearly 20 percent from a year earlier, it said in a statement to the stock exchange.

Analysts on average expected HDFC to post a net profit of 12.18 billion rupees, according to Thomson Reuters I/B/E/S.

 

Shares in HDFC dropped as much as 2.8 percent to 806 rupees after it announced the results. (Reporting by Aditi Shah; Editing by Jijo Jacob)