HDFC Bank , India’s largest private sector lender, reported a net profit of 10.8% on year to Rs 18,641 crore for the quarter ended September, beating analyst estimates. As per Bloomberg estimates, analysts had expected the net profit at Rs 17,345 crore for the reporting quarter.

In the September quarter, the net interest income inched up by 5% on year to Rs 31,552 crore, higher than the analyst estimate of Rs 31,423 crore.

Other income also grew by 25% on year to Rs 14,350 crore. However, on a sequential basis, it fell sharply by 34%.

Net interest margins moderated to 3.27% in July-September from 3.35% a quarter ago. The bank’s management said there would be “some tailwinds” on account of deposit repricing over the next couple of quarters to a year.

The bank’s operating expenditure

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