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.