India’s largest lender HDFC Bank saw its Q1 net profit fall 2% quarter-on-quarter on lower core income growth and higher tax expenses. Net profit for the quarter stood at Rs 16,174.75 crore, compared with Rs 16,510 crore in the January-March quarter.Analysts polled by Bloomberg estimated a net profit of Rs 15,652 crore.Net interest income, or core income for the bank rose 2% sequentially to Rs 29,837 crore. Other income too rose 16% on a quarter-on-quarter basis to Rs 10,668 crore. Tax expenses for the quarter stood at Rs 5,108 crore, compared to a tax write-back of Rs 749 crore in the March quarter.Asset quality for the bank worsened with gross non-performing asset ratio rising 9 basis points quarter-on-quarter to 1.33% in the June quarter. Net NPA ratio too rose by 6 basis points sequentially to 0.39%.