Indian mortgage lender Housing Development Finance Corp (HDFC) posted a 12 per cent gain in quarterly net profit, in line with estimates, aided by higher loan growth.
Net profit rose to 12.8 billion rupees ($206.92 million) in the December quarter compared with 11.4 billion rupees a year earlier, HDFC said on Wednesday.
Income from operations increased 16.3 percent in the fiscal third quarter, while profit from sale of investments fell to Rs 346.2 million from Rs 963.2 million a year earlier.
Total expenditure rose about 15 per cent, largely driven by interest charges, it said.
HDFC faces an intensifying battle for business and market share as banks aggressively push home loans.
The lender has said it is betting on increased loan demand in smaller cities to boost growth in a slowing economy.
Net interest margin for the nine months ended December was at 4 per cent, HDFC said.
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