HDFC Bank Q1 profit up 21% at Rs 2,696 cr

The country's second largest private sector bank HDFC Bank on Tuesday reported better than expected numbers with a rise of 21 per cent in net profit standing at Rs 2,696 crore.

The total income of the bank rose 26.25 per cent to Rs 16,502.97 crore during the quarter under review compared with Rs 13,070.65 crore in the same period last year.

Net interest income rose by 23.5 per cent to Rs 6,389 crore in the quarter ended June compared to Rs 5,171.6 crore in the year-ago period, driven by average assets growth of 25.9 per cent and and a net interest margin of 4.3 per cent.

The bank's other income (non-interest revenue) grew by 33 per cent to Rs 2,461.9 crore for the April-June quarter while operating expenses for the quarter ended June increased by 25.9 per cent year-on-year to Rs 3,178.4 crore

The bank's net NPA however rose to Rs 1,028 cr Vs Rs 896.3 cr (QoQ).

Shares of HDFC Bank were trading 0.39 per cent down at Rs 1,111.25 in the afternoon trade on BSE.