HDFC Bank Q2 Profit up by 20% to Rs 4151 Crore

HDFC Bank Q2 Profit up by 20% to Rs 4151 Crore

HDFC Bank Ltd, India's second-biggest lender by assets, made a record quarterly profit from higher interest and fee income and said retail and wholesale lending was growing. ATV18 poll had estimated profit at Rs 4,143.5 crore for the quarter ended September 2017. Non-interest revenue rose 24.3 percent, helping a steady core net interest margin of 4.3 percent, it said. The total income of also improved to Rs 45,461.5 crore as against Rs 39,293.5 crore in the year-ago period.

The net interest income for the quarter rose 22 per cent YoY to Rs 9,752.10 crore from Rs 7,993.6 crore in the year-ago quarter. The total amount of other income stood at ₹3605.90 crores.

The bank also announced an increase in its net interest income that rose 22% to register a figure of ₹9,752.10 crore, the same was registered to be ₹7,993.6 crore in the same time period previous year.

HDFC bank shares were trading flat at Rs 1,864 on NSE.

The key balance sheet figure rose to Rs 1,476.2 crore in Q2 against Rs 749 crore in the corresponding quarter of the previous fiscal. As a result of which the provisions and contingencies for the quarter nearly doubled to Rs 1,476 crore consisting of specific loan loss provisions Rs 749 crore. Income from provisions was said to be ₹1,476.20 crores, which included 1,078.80 crores worth provisions in special loan loss and ₹397.40 crores worth general and other provisions.

Paresh Sukthankar, deputy MD, HDFC Bank, said that the lender had participated in a project loan under the flexible restructuring scheme and was now in discussions with the regulator on the status of the loan.

Talking of the gross NPA (non-performing assets), its percentage was calculated to be 1.26% for the current quarter.

Tax cost for the quarter stood at Rs 2,190.7 crore, higher by 20.4 percent year-on-year. In terms of equity volume, 1.09 lakh shares exchanged hands on the BSE.

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