1. HDFC Bank reports a 20.49% rise in second quarter net profits

HDFC Bank reports a 20.49% rise in second quarter net profits

HDFC Bank said net profit rose to Rs 28.69 billion ($440 million) for its fiscal second quarter to Sept 30, from Rs 23.81 billion a year earlier.

By: | Mumbai | Updated: October 21, 2015 1:54 PM
HDFC bank

HDFC Bank’s net profit rises 20.5 pc to Rs 2,869.5 crore for quarter ended September 30. (Photo: Reuters)

HDFC Bank on Wednesday reported a 20.49% rise in its second quarter net profits at Rs 2,869.45 crore compared to the same period last year.

Net interest income (NII) — the difference between interest earned and interest expended — saw a 21% rise at Rs 6680.90 crore on a year-on-year basis.

Asset quality improved with the gross non-performing assets (NPAs) as a percentage of gross advances coming down by 11 basis points to 0.91% compared to the corresponding period last year. Even on a sequential basis, gross NPAs came down by four basis points.

Net NPAs improved by three basis points at 0.25% compared to the second quarter of FY15 while on a sequential basis, it saw a fall by two basis points. The total restructured loans were at 0.1% of the gross advances as of September 30, 2015, according to a press release.

Provisions other than tax and contingencies saw a rise by 49.44% on a y-o-y basis at Rs 681.29 crore in the second quarter this year.

Advances on the quarter end stood at Rs 4.18 lakh crore seeing an increase of 27.9% over September 30, 2014. Total deposits as of September 30, 2015 stood at Rs 5.06 lakh crore seeing an increase of 29.7% over September 30, 2014.

Operating profit witnessed a growth of 24.2% at Rs 5,042.89 crore on a y-o-y basis. The bank’s total capital adequacy ratio as per Basel III guidelines was at 15.5% as on September 30, 2015, the release said.

Tags: HDFC Bank
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