HDFC Bank Q2 Net Profit Up 20%; NPAs Rise

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HDFC Bank on Tuesday reported a 20.4 per cent rise in net profit at Rs 3,455.3 crore for the quarter ended September 30, 2016. The net profits in the previous quarter were placed at Rs 2,869.5 crore.

HDFC Bank's total income for the quarter stood at Rs 19,970.9 crore against Rs 17,324.3 crore in the year ago period.

HDFC Bank Q2 Net Profit Up 20%; NPAs Rise

Net interest income for the September quarter grew by 19.6 per cent to Rs 7,993.6 crore driven by average assets growth of 19.7 per cent, HDFC Bank said in a statement.

Gross Non Performing Assets (NPAs) increased to 1.02 per cent from 0.9 per cent a year ago. The net NPAs also rose to 0.3 per cent from 0.2 per cent.

Provisions and contingencies for the quarter increased to Rs 749 crore consisting of specific loan loss provisions Rs. 640.7 crore and general and other provisions Rs. 108.3 crore as against Rs. 681.3 crore in the same quarter a year ago, the BSE release said.

Shares of HDFC Bank were seen trading at Rs 1,254 lower by 0.87 per cent on BSE at 2.30 pm IST. It touched an intra-day high of Rs 1,265 and low of Rs 1,244 during trade.

Read more about: hdfc bank
Story first published: Tuesday, October 25, 2016, 14:58 [IST]
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