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Private sector lender HDFC Bank on Saturday reported an 18.4 per cent increase in its standalone net profit for the second quarter of the fiscal at ₹7,513.11 crore as against ₹6,344.99 crore a year ago.
For the quarter ended September 30, 2020, the bank’s total income grew by 6.9 per cent at ₹36,069.42 crore compared to ₹33,755 crore a year ago.
Net interest income for the second quarter this fiscal grew by 16.7 per cent to ₹ 15,776.4 crore from ₹13,515.0 crore for the quarter ended September 30, 2019.
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Prudent provisioning and recovery trends in retail segment, point to healthy earnings improvement in the H2 of FY21It further said this was “driven by asset growth of 21.5 per cent and a core net interest margin for the quarter of 4.1 per cent”.
Other income grew by nine per cent to ₹6,092.45 crore in the quarter under review.
Shares of the bank gained as much as 3 per cent to ₹1,235, before cooling off to ₹1,216.50.
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