HDFC Bank, the country's largest private sector lender, reported a 18.4 percent year-on-year (y-o-y) growth in profit at Rs 7,513.11 crore for the September quarter, driven by PPoP, NII and lower tax rate.
The profit in the year-ago period was at Rs 6,345 crore.
Net interest income, the difference between interest earned and interest expended, increased by 16.7 percent y-o-y to Rs 15,776.4 crore in the September quarter, driven by asset growth of 21.5 percent and a core net interest margin for the quarter at 4.1 percent, HDFC Bank said in its BSE filing
Meanwhile, the bank has approved the appointment of Sashidhar Jagdishan as an Additional Director and as the Managing Director and Chief Executive Officer, subject to the approval of the shareholders of the bank, for a period of three years from October 27, 2020.
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