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HDFC Bank Sees 27% Jump In Q2 Net Profit
On Saturday, HDFC Bank reported a 26.8 percent increase in standalone net profit at Rs 6,345 crore for the September-ended quarter when compared to the same period of the previous year. In September 2018, its profit stood at Rs 5,005.73 crore.
The private lender's net interest income, that is the difference between interest earned from loans and interest paid on deposits, was up by 14.89 percent for the second quarter of the financial year 2019-20 at Rs 13,515.0 crore as against Rs 11,763.4 crore a year ago. Net interest margin (NIM) for the quarter under review was at 4.2 percent.
The bank's non-interest income was at Rs 5,588.70 crore, 39.2 percent higher than Rs 4,015.60 crore seen in Q2 of the previous fiscal.
Provisions and contingencies for the quarter was Rs 2,700.70 crore with specific loan loss provisions at Rs 2,038 crore. The figure is 48 percent higher than the same quarter of the previous year.
HDFC Bank's gross non-performing assets (NPAs) as of 30 September 2019 were at 1.38 percent of gross advances when compared to 1.40 percent at the end of the previous quarter and 1.33 percent a year ago. Net NPAs were at 0.4 percent of net advances.
