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HDFC Bank profit rises 30% on lower provisions
Hindustan Times
|July 18, 2023
HDFC Bank Ltd, India's largest private sector lender, reported a 30% increase in net profit driven by lower provisions for loan losses and increased other income.
MUMBAI: The bank's first-quarter results, however, do not include the earnings of the merged entity, as the merger between HDFC Bank Ltd and its parent company, Housing Development Finance Corp. Ltd (HDFC), took effect on July 1.
The bank beat analysts' expectations overall, despite a sequential miss in asset quality and net interest income.
The bank's net profit rose to ₹11,951.7 crore for the quarter ended June 3 from ₹9,196 crore in the year earlier, it said on Monday. Net interest income (NII) increased 21.1% to ₹23,599.1 crore from ₹19,481.4 crore in the previous year.
The core net interest margin (NIM) was at 4.1% on total assets and 4.3% based on interestearning assets.
Other income grew 28.1% in the June quarter to ₹9,230 crore from
This story is from the July 18, 2023 edition of Hindustan Times.
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