HDFC Bank puts up a decent show

Falling margin may set off tweaks to profit estimates

A leader among private banks, with a bias towards retail (consumer) lending, HDFC Bank was expected to post muted December quarter (Q3) results, in the wake of note ban. However, net interest income (NII) at Rs 8,309 crore (up 17.6 per cent year on year), and non-interest income at Rs 3,142 crore (up 27.4 per cent year on year) helped net revenue grow 15.2 per cent at Rs 11,452 crore in Q3. Net profit (Rs 3,865 crore) expanded 15 per cent year on year in Q3. These numbers came slightly ahead of estimates and helped HDFC Bank stock close higher