HDFC Bank Q1 profit rises 18% at Rs4,601 crore
HDFC Bank’s total income for the first quarter grew 18.8% to ₹26,367 crore from ₹22,185.40 crore in the quarter ended 30 June 2017
New Delhi: HDFC Bank on Saturday reported an 18.2% increase in its net profit at ₹4,601.44 crore for the quarter ended June. The private sector lender had registered a net profit of ₹ 3,893.84 crore in the corresponding period of the previous fiscal 2017-18.
Total income for the quarter grew 18.8% to ₹26,367 crore from ₹22,185.40 crore in the quarter ended 30 June 2017, the bank said in a regulatory filing.
Net revenues (net interest income plus other income) increased to Rs14,631.60 crore from ₹12,887.4 crore earlier. The net interest income (interest earned less interest expended) for the quarter grew by 15.4% to ₹10,813.60 crore, from ₹9,370.70 crore earlier, driven by asset growth and a net interest margin of 4.2% for the quarter, HDFC Bank said.
On the assets front, gross non-performing assets (GNPAs) stood at 1.33% of gross advances as on 30 June 2018, compared to 1.30% as on 31 March 2018 and 1.24% as on 30 June 2017. Net non-performing assets (NPAs) or bad loans were at 0.4% of net advances as on 30 June 2018, down from 0.44% a year ago.
Provisions and contingencies for the quarter were at ₹1,629.4 crore as against ₹1,558.8 crore for the quarter ended 30 June 2017.
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