HDFC Bank Q2 net profit up 20.6%

Mumbai: Lending major HDFC Bank on Saturday reported a 20.6 per cent increase in its net profit to Rs 5,005.73 crore during the quarter ended September 30, 2018, as compared to Rs 4,151.03 crore in the year-ago period.

The Bank’s total income for the quarter under review was at Rs 28,215.2 crore, up by 21.2 per cent from Rs 23,276.2 crore for the corresponding period last year. According to the lender, net interest income (interest earned less interest expended) for the period grew by 20.6 per cent to Rs 11,763.4 crore, from Rs 9,752.1 crore for the year-ago quarter, driven by asset growth and a net interest margin for the quarter of 4.3 per cent.

Provisions and contingencies for the quarter were Rs 1,820 crore as against Rs 1,476.2 crore in the corresponding period last year. “Gross non-performing assets were at 1.33 per cent of gross advances as on September 30, 2018, as against 1.33 per cent as on June 30, 2018, and 1.26 per cent as on September 30, 2017,” the bank said in the result statement.

“Coverage ratio as on September 30, 2018, was 70 per cent. Net non-performing assets were at 0.4 per cent of net advances as on September 30, 2018.” As per the quarterly result, it has held floating provisions of Rs 1,451 crore as on September 30, 2018. “Total provisions (comprising specific provisions, general provisions and floating provisions) were 117 per cent of the gross non-performing loans as on September 30, 2018,” the statement added. (IANS)