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HDFC Bank net profit rises 5% to ₹16,820 crore in Q2
The Morning Standard
|October 20, 2024
HDFC Bank on Saturday reported a 5% rise net income year-on-year to ₹16,821 crore, despite overall stressed assets inching up marginally.
The numbers beat Street expectations as brokerages were expecting the largest private sector lender to post ₹16,570 crore in net income in the September quarter. The bank posted better-than-expected net interest income. Net interest income rose 10% to ₹30,114 crore as against brokerages expectations of ₹30,306 crore.
The core profitability gauge, net interest margin printed in at 3.46% and 3.65% based on interest earning assets, chief financial officer Srinivasan Kothandaraman Vaidyanathan told reporters in an earnings call Saturday. Other income for the quarter came in at ₹11,480 crore compared to ₹10,710 crore year-ago period.
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