INSUBCONTINENT EXCLUSIVE:
NEW DELHI: HDFC Bank on Saturday reported a 20.6 per cent year-on-year (YoY) rise in net profit at Rs 5,005.70 crore for September quarter,
largely in line with a Rs 5,015 crore estimate that analysts had projected in an ET Now poll.
The private lender had reported Rs 4,151 crore
profit for the corresponding quarter last year.
Net interest income (NII), which is the difference between the interest income a bank earns
from its lending activities and the interest it pays to depositors, grew 20.60 per cent to Rs 11,763.40 crore, compared with Rs 9,752.1
crore reported for the same quarter last year
Provisions and contingencies rose 23 per cent to Rs 1,820 crore, which included specific loan loss provisions Rs 1,572.50 crore and general
provisions and other provisions of Rs 247.5 crore
The bank had made Rs 1,476.20 crore provisions for the year-ago quarter
Net interest margin (NIM), which is the difference between the interest income earned and the interest paid by a bank relative to its
interest-earning assets like cash, came in at 4.3 per cent.
Gross non-performing assets (NPAs) for the quarter came in at 1.33 per cent,
which was same as that in June quarter but higher than 1.26 per cent reported for the same quarter last year
Net NPA came in at 0.40 per cent
Domestic retail loans grew 23.8 per cent while domestic wholesale loans rose 24.7 per cent
Analysts were largely expecting strong loan growth for the lender
Profit growth was seen in the 17-20 per cent range
Asset quality was expected to remain stable, but margins were projected to contract due to a rise in cost of funds
The HDFC Bank scrip closed 0.46 per cent down at Rs 1,965.80 on BSE on Friday.
