HDFC Bank's Second Quarter Profit Surges 20%

The bank reported a 20.1 per cent jump in net profit to Rs 4,151 crore for the second quarter ended September 30, 2017-18 against Rs 3,455.3 crore profit in the July- September quarter of the last financial year.

Despite a spike in provisions and contingencies for the quarter ended September 30, 2017, HDFC Bank managed to meet analysts' expectation in second quarter earnings. The figures show an increase of 20% in the Year-on-Year profit calculation and the profit in the considered period has reached ₹4151 crores.

HDFC bank announced a 20% year on year rise in Net Profit to Rs 4,151 crore.

As a percentage of total loans, gross non-performing assets (NPAs) rose to 1.26% as compared to 1.24% in the previous quarter and 1.02% in the year-ago quarter. The NPA ration in the June quarter was 1.24% and 1.02% in the same time frame a year ago.

Net Interest Income (NII) or the total interest earned less interest expended grew by 22 percent for the quarter ended September which was slightly higher than a CNBC-TV18 poll of Rs9664.10 crore, driven by average asset growth of 17.6 percent and a core net margin for the quarter of 4.3 percent.

Ayesha Gulalai to retain NA seat as ECP dismisses PTI's disqualification reference
The ECP's decision was given after three out of five members supported Gulalai's stance that she could not be disqualified. He said that whatever Gulalai said in her statements was an indicator of leaving the party.

Shah Rukh Khan's fan and cancer patient Aruna PK passes away
In a tweet, Shah Rukh expressed his deep condolences to the family and prayed that they have the strength to deal with the loss. Not the one to go back on his word, SRK took to Twitter to condole the death of his ardent fan and console her kids.

Israeli extremist leader arrested for allegedly threatening Jewish women dating Arab men
In April, six Israelis, including two soldiers, were arrested for racist attacks against Arabs with knives. They are descendants of Palestinians who remained on their land following the creation of Israel in 1948.

In a regulatory filing, the bank declared that other income increase by 24.3% in the given period.

Provisions and contingencies almost doubled to Rs 1,476.2 crore in Q2FY18, compared with Rs 748.99 crore in Q2FY17 but declined 5.3 percent on sequential basis.

Total advances growth was 22.3 per cent at Rs 6.04 lakh crore, compared with corresponding quarter last fiscal, it added. The advances were largely impacted by 21.6% growth in retail loans and 23.6% increase in loans of the wholesale sector.

The provisions for the September quarter consisted of specific loan loss provisions of Rs 1,078.8 crore and general and other provisions of Rs 397.4 crore.

The 4 components of other income include fees and commissions of Rs2614 crore, foreign exchange and derivative revenue of Rs384 crore, gain on revaluation/sale of investments of Rs355.90 crore, and miscellaneous income of Rs 252 crore.

Related News:

  • Asian Paints shares gain over 4% after Q2 earnings

    Its revenue from home improvement segment was Rs 41.77 crore in Q2. The decorative business registered high single digit growth. This segment was impacted by destocking due to GST .
    Anthony Joshua Names The Best Boxer In The World

    Anthony Joshua Names The Best Boxer In The World

    Canelo avoids a shot from Golovkin. "It's because people like him and they're going to be entertained for their money". And I saw all that come into play when he fought Khan and when he fought Golovkin.
    You Can Now Use GameCube Controllers With Your Nintendo Switch

    You Can Now Use GameCube Controllers With Your Nintendo Switch

    You'll need the GameCube controller USB adapter that Nintendo released for use with Super Smash Bros. for Wii U . Still, pretty cool nonetheless.
  • Fiona the hippo photobombs marriage proposal

    Fiona the hippo photobombs marriage proposal

    She was six weeks premature and weighed about 25 pounds less than the lowest recorded birth weight for the species. The proposal was made extra special when the zoo's famous hippo Fiona chose to drop in for a photo.
    Nicaragua signs Paris Climate Agreement, leaving the USA  and Syria behind

    Nicaragua signs Paris Climate Agreement, leaving the USA and Syria behind

    The Nicaraguan government opted out of the global agreement in protest at its largely voluntary nature, arguing it was not ambitious enough and represented a " path to failure ".
    New Nokia 7 Smartphone Sold Out In A Few Minutes

    New Nokia 7 Smartphone Sold Out In A Few Minutes

    Some folks believe that device will be the Nokia 7, which, as previously mentioned, was unveiled in China less than a week ago. The new handset boasts of a vacuum molded 3D Corning Gorilla Glass design on its back, a first for the brand.
  • Destiny 2 Is The Best-Selling Game For 2017

    Destiny 2 launched over a month ago for consoles and within just a month the game has become the best selling game in the US. On September 6, Bungie and Activision launched the online sci-fi shooter sequel Destiny 2 .
    News Reports New Development In Richmond Photo Scandal

    News Reports New Development In Richmond Photo Scandal

    The woman said she had consented to the photograph being taken but had not given permission for it to be forwarded to others. The Richmond Football Club said earlier this month it would fully co-operate with the investigation into the first photo.
    Max Verstappen hits out at 'idiot' F1 steward after US GP penalty

    Max Verstappen hits out at 'idiot' F1 steward after US GP penalty

    And what's happened? They've made an instant decision , and I think it's a shocking decision . It was the beginning of previous year [we agreed this].
  • European Commission announces €106m in humanitarian aid to Sudan

    European Commission announces €106m in humanitarian aid to Sudan

    Even as Sudan's humanitarian needs grow "day by day", Stylianides acknowledged that there were only limited funds available. Since then, 2.7 million people have uprooted in the region alone.

    Ibrahim Halawa arrives in Ireland today after four years in Egypt prison

    Irishman Ibrahim Halawa - who has spent the last four years of his life in an Egyptian prison - is set to arrive home to Ireland. His three sisters were later released on bail and allowed to return to Dublin, and were acquitted in abstentia.
    Giant balloons are delivering cell service to Puerto Rico

    Giant balloons are delivering cell service to Puerto Rico

    He said that the Loon team has never tried to deploy the project's connectivity from scratch in such a short time. Hurricane Maria devastated the USA territory of 3.4 million people since making landfall last month.

Most liked

Government waives penalty on late filing of GST returns for Aug, Sep
There is a need for a fool-proof system and the technical challenges need to be dealt on a war footing, he added. The refund amount would be either credited to exporter's bank account through ECS or a cheque would be issued.

Nissan Serena e-Power Previewed Before Tokyo Motor Show
Apart from that, there's little else we know about the new Nissan SUV, but all should be revealed when the 2017 Tokyo Motor Show gets underway tomorrow.

Ombudsman PPI cases on the rise
In the same period previous year , there were 435 enquiries, 321 new cases and 95 passed to an ombudsman, with 50% upheld. This somewhat controversial product had the largest proportion of complaints upheld against it at 64%.

The Blackstone Group LP
It turned negative, as 35 investors sold BX shares while 129 reduced holdings. 79 funds opened positions while 190 raised stakes. Jacobi Capital Management LLC purchased a new position in The Blackstone Group the 2nd quarter valued at about $116,000.

Microsoft Reveals First 13 Original Xbox One Backwards-Compatible Titles
Here's a video showcasing just how much better the game will look as well as the game's official description and shopping link. The only disadvantage, however, is that the 13 titles do not support online multiplayer.

Nikkei Posts Record Streak as Abe Secures Election Win
JAPAN MANUFACTURING: A survey of manufacturers showed activity weakened this month but still grew relatively strongly. A new Chinese leadership lineup is expected soon, as the Community Party congress wraps up.

New York Community Bancorp, Inc
New England Research & Management Inc. grew its position in shares of New York Community Bancorp by 1.5% in the 2nd quarter. Geode Cap Management Ltd Limited Liability Company has invested 0.02% in New York Community Bancorp, Inc. (NYSE:NYCB).

Road Ministry's Bharatmala Phase 1 proposal gets Centre's all-clear
The corridor will enable faster movement of cargo traffic with four-lane roads between the two economic corridors. Government's ambitious project Bharatmala is also present among the approved project.

Diana Shipping inc. (DSX) Given a $5.00 Price Target at Stifel Nicolaus
As of quarter end Ingalls & Snyder LLC had disposed of a total of 18,800 shares trimming its position 32.0%. Russell Investments Group Ltd. increased its stake in Diana Shipping 16.9% during the 2nd quarter.

Charlotte Crosby Claims Stephen Bear Cheated On Her In Twitter Rant
She later posted: "When you try and tell every1 some1 is different and you have there back thru and thru". He continued: "At the minute, everyone is saying I cheated, I'm the worst person in the world".

Bristol City v Crystal Palace
It is expected the former England worldwide manager, who replaced Frank de Boer earlier in the season, will field a strong Palace line-up, however, he is also thought to be making changes.

Apple Pay - Now made possible for Mashreq's customers
This is particularly compelling in cases where cards themselves have not been enabled with contactless/NFC payment technology. Instead, a unique device account number is assigned, encrypted and stored in the "Secure Element" on your device.

Penang killer crash: Two bus drivers detained for questioning
Firemen inspect the wreckage at the scene of the accident along KM147 of the North-South Expressway, Oct 24, 2017. Nik Ros Azhan said some of the workers were flung out of the bus on the left.

Asian Cup: Thailand to host Malaysia-North Korea match
The first match is designated as North Korea's home game and the November 13 match will be Malaysia's home game. The games will be played on Nov 10 and 13, with the exact venue still to be determined.

Liverpool 'must' replace Klopp with Ancelotti now - Crooks
Coutinho has scored four goals in seven starts in the Champions League and the Premier League this season. Dejan Lovren had a shocker, and Simon Mignolet had a major flap for Harry Kane's second.