HDFC Bank Q2 profit up 20%, lags estimates

HDFC Bank Ltd, India's second-biggest private sector lender by assets, on Tuesday reported a 20 per cent rise in quarterly net profit, lagging estimates, due to higher tax expenses and provisioning for loan losses.

Net profit rose to Rs 2,381 crore  (Rs 23.81 billion) in its fiscal second quarter to Sept. 30, from Rs 1,982 crore (Rs 19.82 billion) a year earlier, the Mumbai-headquartered bank said in a statement.

Analysts had on average expected a net profit of Rs 2,425 crore (Rs 24.25 billion), according to data compiled by Thomson Reuters.

(Reporting by Sumeet Chatterjee)