IN THE FIRST results since its merger with mortgage lender HDFC, country's largest private lender HDFC Bank on Monday announced 51% year-on-year rise in net profit to ₹15,976 crore in the second quarter of current financial year, which was higher than the Bloomberg estimate of 14,120 crore.
However, the bank's net interest margin (NIM) or the difference between interest earned and expensed, moderated to 3.4% during the quarter from 4.1% in the previous quarter and in the same period of the previous fiscal.
The results are not comparable since the merger took place this year. The drag down of NIM was on account of higher cost of borrowing of erstwhile Housing Development Finance Corp (HDFC), which merged with HDFC Bank on July 1,HDFC Bank CFO Srinivasan Vaidyanathan said.
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