Beating street estimates, HDFC Bank Ltd reported a 51 per cent year-on-year increase in net profit to Rs 15,976 crore for the September quarter.
This is the first quarterly result post the merger of HDFC Bank Housing Development Finance Corporation (HDFC) in July.
The largest private lender in the country registered 70 per cent year-on-year increase in total income to Rs 78,406 crore.
“The consolidated profit after tax for the half year ended September 30, 2023 was ₹29,182 crore, up 40.9 per cent, over the half year ended September 30, 2022," the bank said.
In the year-ago period, the net profit of the merged entity would have been Rs 11,162 crore on a consolidated level, while the same on a standalone basis would have been Rs 10,606 crore.
Meanwhile, the gross non-performing assets (NPA) of HDFC Bank decreased to 1.34 per cent in the quarter. The bank's net interest margin (NIM) for the September quarter narrowed to 3.4 per cent.
Shares of the HDFC Bank closed 0.47 per cent down at Rs 1,529.50 on Monday.
