HDFC Bank Q1 results: India’s second largest private sector lender HDFC Bank has reported a 18.2% rise in Q1 net profit to Rs 4,601.4 crore, missing street estimates.
HDFC Bank Q1 results: India’s second largest private sector lender HDFC Bank has reported a 18.2% rise in Q1 net profit to Rs 4,601.4 crore, missing street estimates. Earlier, is a Reuters poll had indicated that the bank will post a 23% rise in its June quarter net profit to Rs 4,785.3 crore on stable asset quality and interest income. The Bank’s total income for the quarter ended June 30, 2018 came in at Rs 26,367 crore implying a healthy growth of nearly 19% from 22,185.4 crore for the quarter ended June 30, 2017. Earlier, brokerages had indicated that the bank to report stable rise in advances of about 20% along with healthy NIM margins. We take a closer look at the results, and bring you key figures in a nutshell.
HDFC Bank Q1 results: Key figures in a nutshell
- After providing for taxation, the Bank earned a net profit of Rs 4,601.4 crore, an increase of 18.2% over the quarter ended June 30, 2017. The bank’s total income for the quarter came in at Rs 26,367.0 crore implying a growth of 18.8% on-year.
- Notably, the net interest income grew by 15.4% to Rs 10,813.6 crore, from Rs 9,370.7 crore for the quarter ended June 30, 2017, driven by asset growth and a net interest margin for the quarter of 4.2%.
- Provisions and contingencies for the June quarter were Rs 1,629.4 crore as against Rs 1,558.8 crore for the comparable period previous fiscal.
- Total deposits as of June 30, 2018 were Rs 8,05,785 crore, an increase of 20.0%. As of June 30, 2018 current account deposits stood at Rs 109,297 crore and savings account deposits at Rs 2,26,656 crore grew by 17.4% over June 30, 2017.
- Gross non-performing assets were at 1.33% of gross advances as on June 30, 2018, as against 1.30% as on March 31, 2018 and 1.24% as on June 30, 2017.
- Total provisions (comprising specific provisions, general provisions and floating provisions) were 118% of the gross non-performing loans as on June 30, 2018.