HDFC Bank, one of India's leading private sector lenders, witnessed its stock surge over 5% on Monday morning after the company reported robust financial results for the fiscal second quarter ended September 30th.
According to a filing with the stock exchanges, HDFC Bank's consolidated net profit rose to 178.75 billion Indian rupees ($2.17 billion) in Q2, up from 168.11 billion rupees in the same period last year. The bank's earnings per share also increased to 23.29 rupees, compared to 22.12 rupees a year ago.
The strong quarterly performance can be attributed to a significant increase in the bank's interest income, which climbed to 830.02 billion rupees from 750.39 billion rupees a year earlier. This growth in interest income, a key revenue driver for banks, highlights the lender's ability to capitalize on the improving economic conditions and credit demand in India.
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