India’s second largest private sector lender HDFC Bank on Tuesday reported a 20% year-on-year rise in net profit to Rs 2,382 crore during the July-September quarter, helped by higher interest earned from loans.
The bank’s net interest income (NII) — the difference between interest earned and interest paid — rose 23% to Rs 5,511 crore. Net interest margin stood at at 4.5%, compared with 4.3% a year ago.
The bank said that its loan book increased 22% to `3.27 lakh crore while the bank’s net non-performing assets as of September 30 were at 0.3%.
PNB net up 14%, lags expectations
Punjab National Bank on Tuesday reported a lower-than-expected 14% year-on-year rise in second quarter net profit to Rs 575 crore on the back of rising expenses. “PNB’s net profit came lower than our expectations,” said Saday Sinha, analyst at Kotak Securities.
PNB’s shares fell 2.6% to Rs 931.50 on the BSE, as the bank’s asset quality also deteriorated.
Total income rose 12% to Rs 13,020 crore during the July-September quarter. While interest earned was up 8%, interest expended gained 9%. Other operating expenses rose 11% to Rs 799 crore during the quarter.