{"id":95398,"date":"2018-10-20T12:31:56","date_gmt":"2018-10-20T12:31:56","guid":{"rendered":"http:\/\/www.bnreport.com\/hdfc-banks-q2-net-profit-rises-20-6-to-rs-5006-crore-meets-street-expectations\/"},"modified":"2018-10-20T12:31:56","modified_gmt":"2018-10-20T12:31:56","slug":"hdfc-banks-q2-net-profit-rises-20-6-to-rs-5006-crore-meets-street-expectations","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/hdfc-banks-q2-net-profit-rises-20-6-to-rs-5006-crore-meets-street-expectations\/","title":{"rendered":"HDFC Bank’s Q2 net profit rises 20.6% to Rs 5,006 crore, meets Street expectations"},"content":{"rendered":"

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. <\/p>\n

The private lender had reported Rs 4,151 crore profit for the corresponding quarter last year. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

The HDFC Bank scrip closed 0.46 per cent down at Rs 1,965.80 on BSE on Friday. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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