HDFC Bank reports Q2 net profit at Rs 16,811 crore, net interest margin narrows

Mumbai: Largest private sector lender HDFC Bank on Monday reported a net profit of Rs 16,811 crore on a consolidated level.

In the first results of the merged entity after the amalgamation of its parent HDFC Ltd into the lender, HDFC Bank reported a net profit of Rs 15,976 crore on a standalone basis.

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. The total income grew to Rs 78,406 crore on a standalone basis, from Rs 46,181 crore in the year-ago period.

On the net interest margin (NIM) front, the bank reported a narrowing to 3.4 per cent after absorbing the debt funded cost for additional liquidity and merger management. Its gross non-performing assets ratio came at 1.34 per cent, as against 1.23 per cent in the year-ago period.

The HDFC Bank scrip closed 0.47 per cent down at Rs 1,529.50 a piece on the BSE, as against a 0.17 per cent correction on the benchmark.