HDFC Bank, the country's largest lender by market cap, has reported a 17.72 percent year-on-year growth in profit at Rs 6,927.69 crore for the quarter ended March 2020. It was lower than the average of estimates of analysts polled by CNBC-TV18 which was pegged at Rs 7,228.9 crore.
Profitability was supported by higher other income, operating income, NII and lower tax cost, but the sharply higher provisions limited growth.
Net interest income, the difference between interest earned and interest expended, grew by 16.15 percent YoY to Rs 15,204.06 crore for the quarter driven by strong loan and deposits growth, against CNBC-TV18 poll estimates of Rs 14,972.7 crore. Net interest margin for the quarter stood at 4.3 percent.
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