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HDFC Bank Q2 profit rises 20% on higher NII, other income

Net interest income, the difference between interest earned and interest expended, grew by 23.1 percent to Rs 5,511 crore in the quarter ended September 2014 from Rs 4,476.5 crore in the year-ago period.

The News International Team

India’s second largest private sector lender  HDFC Bank met street expectations with the second quarter net profit rising 20 percent to Rs 2,380 crore compared to Rs 1,982 crore in same quarter last year supported by higher other income and net interest income by impacted by higher provisions.

Net interest income, the difference between interest earned and interest expended, grew by 23.1 percent to Rs 5,511 crore in the quarter ended September 2014 from Rs 4,476.5 crore in the year-ago period.

Profit was expected at Rs 2,398 crore and net interest income at Rs 5,275 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Other income increased 11 percent to Rs 2,047 crore from Rs 1,844 crore during the same period.

Provisions and contingencies jumped 18 percent on yearly basis (down 5.6 percent quarter-on-quarter) to Rs 455.9 crore in the quarter gone by.

More to come…

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