HDFC Bank’s net profit up 20.4% to Rs3,455.33 crore
Mumbai: HDFC Bank Ltd on Tuesday reported 20.42% increase in its net profit for the September quarter on higher net interest income and other income.
Net profit for the quarter stood at Rs.3,455.33 crore as compared to Rs.2,869.45 crore a year ago. According to estimates of 22 Bloomberg analysts, the bank was expected to post a net profit of Rs.3,470.40 crore.
Net interest income (NII), or the core income a bank earns by giving loans,rose 19.65% to Rs.7,993.59 crore in the September quarter from Rs.6,680.90 crore last year.
Other income increased 13.68% to Rs.2,900.95 crore from Rs.2,551.76 crore in the same period last year.
Gross non-performing assets (NPAs) at HDFC Bank rose 3.01% to Rs.5,069.04 crore at the end of the September quarter from Rs.4,920.89 crore in the June quarter. On a year-on-year (y-o-y) basis, gross NPAs jumped 32.43% from Rs.3,827.77 crore. As a percentage of total loans, gross NPAs stood at 1.02% at the end of the September quarter as compared to 1.04% in the previous quarter and 0.91% in the year-ago quarter.
Provisions and contingencies fell 13.6% to Rs.748.99 crore in the quarter from Rs.866.73 crore a quarter ago. Provisions rose 10% y-o-y from Rs.681.29 crore. Net NPAs were at 0.3% in the September quarter compared to 0.32% in the previous quarter and 0.25% in the same quarter last year.
Total deposits rose 16.73% from a year earlier to Rs.5.92 trillion, while total advances rose 18.13% to Rs.4.94 trillion.
At 12.55pm, HDFC Bank was trading at Rs.1,255.35 on the BSE, down 0.8% from its previous close, while India's benchmark Sensex index fell 0.3% to 28,094.66 points.