HDFC Bank's Profit Surges in December Quarter

HDFC Bank reported a 12.17% increase in consolidated profit to Rs 19,807 crore for the December quarter. The core net interest income grew by 6.4%, while the new labor codes led to an Rs 800 crore expense impact for the bank.

HDFC Bank has announced a significant increase in its profits, with consolidated figures rising by 12.17% to reach Rs 19,807 crore in the December quarter. This growth reflects an increment from Rs 17,657 crore a year ago and Rs 19,611 crore in the preceding quarter ending September.

On a standalone basis, HDFC Bank, the largest private sector lender in India, reported an 11.46% increase in profits, totaling Rs 18,653.75 crore for the October-December period. This performance was supported by a 6.4% growth in core net interest income, which totaled Rs 32,600 crore.

The bank's net interest margin was recorded at 3.35% during the quarter. However, the implementation of new labor codes resulted in an additional expense of Rs 800 crore. Despite these costs, HDFC Bank's financial performance showcases solid growth in challenging times.

(With inputs from agencies.)