Net Profit At HDFC Bank Increased By 50% To Rs 15,976 Billion In The Second Quarter
In Its Maiden Report Following Its Merger With Housing Development Finance Corp (HDFC), HDFC Bank On October 16 Posted A Net Profit Of Rs 15,976.11 Crore For The Quarter Ending In September, An Increase Of Slightly More Than 50% Year Over Year.
Sequentially, Net Profit Increases By 33.7 Percent.
Net Earnings Exceeded The Brokerage’s Projections. The Average Of Five Traders’ Predictions Is That HDFC Bank Will Post A Net Profit Of Rs 14,780 Crore, Up 39.4% Year Over Year .
The Improvement In The Bank’s Net Interest Income And Net Revenue Contributed To The Increase In The Bank’s Net Profit.
The Bank’s Net Interest Income Increased By Nearly 30% Year Over Year In The Reporting Quarter To Rs 27,385 Crore. It Was Rs 28,617 Billion Over The Same Time Period The Previous Year.
In The Second Quarter Of The Current Fiscal Year, Bank’s Net Revenue Increased 33.1 Percent Year Over Year To Rs 38,093 Crore.
In The Quarter Between July And September, The HDFC Bank’s Stated Net Interest Margins (Nim) Were 3.4 Percent On Total Assets.
“I-Crr Has A 5 To 10 Basis Point Impact On NIMs. Additionally, We Have Made Some Decisions On Liquidity Management,” Stated Srinivasan Vaidyanathan, Chief Financial Officer At HDFC Bank, During The Second Quarter Earnings Call.
According To A Press Release, The Bank’s Core Net Interest Margins For The Reporting Quarter Were 3.65 Percent For Total Assets And 3.85 Percent For Interest Earning Assets.
Asset Quality
The Gross Non-Performing Assets (NPA) Ratio Of The Bank Deteriorated To 1.34 Percent In The Reporting Quarter, From 1.23 Percent In A Year Ago Period, And 1.17 Percent In A Quarter Ago Period.
The Bank’s Net Npa Ratio Was 0.35 Percent From July To September. The Bank’s Net Npa Ratio Was 1.23 Percent In The Same Quarter A Year Earlier And 1.17 Percent In The Previous Quarter.
Also Read: HDFC Bank Q2 Preview: Profits To Grow While Margins Decline
Gross NPA Stood At Rs 31,577.89 Crore In The July-September Quarter As Opposed To Rs 18,301.00 Crore In The Same Period A Year Earlier. Gross NPA For The Prior Quarter Was Rs 19,064.12 Billion.
While The Private Sector Lender’s Net Non-Performing Assets (NPA) For The Reporting Quarter Were Rs 8,072.79 Crore As Opposed To Rs 4,882.67 Crore For The Same Period Last Year.
Source : Money Control