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HDFC Bank profit jumps 30% on lower provisions
Mint Mumbai
|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.
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 1 July.
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 30 June 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 interest-earning assets.
यह कहानी Mint Mumbai के July 18, 2023 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
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