HDFC Bank: HDFC Bank posts bigger-than-expected jump in Q1 profit
MUMBAI: HDFC Bank, India's largest private lender, on Monday reported a bigger-than-expected 30% jump in first-quarter profit, helped by higher net interest income (NII) and strong loan growth.The lender's standalone net profit was at 119.52 billion rupees ($1.46 billion), up from 91.96 billion rupees a year ago. Analysts had expected a profit of 114.97 billion rupees, as per Refinitiv data.The standalone numbers do not include the business of the bank's subsidiaries.The results come weeks after the bank completed a merger with parent Housing Development Finance Corp in a $40 billion deal aimed at tapping rising demand for home loans.HDFC Bank's net interest income, or core lending income, rose 21.1% to 235.99 billion rupees. Net interest margin was at 4.1%, the bank said in a press relea...