MUMBAI: The second largest lender HDFC Bank on Saturday reported a muted 2.11 percent growth in consolidated net income to Rs 17,622.38 crore for the March quarter as against Rs 17,257.87 crore in the preceding December quarter.
On a standalone basis, the largest private sector lender reported a net profit of Rs 16,511.85 crore compared to Rs 16,372.54 crore in the December quarter.
The numbers are not comparable on an annualised basis as in July 2023, the bank had merged with its home loan-focused parent HDFC into itself. The core net interest income, which the interest earned on its loans, grew to Rs 29,080 crore for the reporting quarter, while other income grew to Rs 18,170 crore, the bank said in a statement.
The city headquartered bank booked the core net interest margin, which is the income in percentage terms earned from loans after paying interest for its funds at 3.44 percent as against 3.60 percent in the previous quarter.
