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.

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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.

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