HDFC Bank , the second largest private sector lender in India, matched street expectations on December quarter net profit estimates, supported by other income. However, net interest income for the quarter was below consensus forecast.
Quarterly net profit grew 25 percent yar-on-year to Rs 2,326 crore from Rs 1,859 crore while net interest income, the difference between interest earned and interest earned, rose 22 percent to Rs 4,635 crore from Rs 3,799 crore during the same period.
According to a CNBC-TV18 poll, analysts had expected the bank to report net profit of Rs 2,324 crore and net interest income of Rs 4,723 crore.
Other income climbed 11.4 percent year-on-year to Rs 2,148.3 crore.
Total expenses jumped 15 percent on yearly basis to Rs 8,850.1 crore due to higher other operating expenses in the quarter gone by.
Asset quality
The bank's asset quality was stable during December quarter as gross non-performing assets (NPA) fell 10 basis points sequentially to 1 percent and it was unchanged compared to a year ago period.
Net NPAs as a percentage of net advances remained unchanged on sequential basis at 0.3 percent but that increased 10 basis points compared to a year ago period.
At 14:02 hours IST, the stock was trading at Rs 667.95, down 0.89 percent amid large volumes on the BSE.
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