HDFC Bank Q1 net up 18 pc to Rs 4,601 cr

HDFC Bank today reported an 18.2 per cent increase in its net profit

HDFC Bank today reported an 18.2 percent increase in its net profit at Rs 4,601.44 crore for the quarter ended June. The private sector lender had registered a net profit of Rs 3,893.84 crore in the corresponding period of the previous fiscal 2017-18. Total income for the quarter grew 18.8 percent to Rs 26,367 crore from Rs 22,185.40 crore in the quarter ended June 30, 2017, the bank said in a regulatory filing.

Net revenues (net interest income plus other income) increased to Rs 14,631.60 crore from Rs 12,887.4 crore earlier. The net interest income (interest earned less interest expended) for the quarter grew by 15.4 percent to Rs 10,813.60 crore, from Rs 9,370.70 crore earlier, driven by asset growth and a net interest margin of 4.2 percent for the quarter, HDFC Bank said. On the assets front, gross non-performing assets (GNPAs) stood at 1.33 percent of gross advances as on June 30, 2018, compared to 1.30 percent as on March 31, 2018, and 1.24 percent as on June 30, 2017. 

Net non-performing assets (NPAs) or bad loans were at 0.4 percent of net advances as on June 30, 2018, down from 0.44 percent a year ago. Provisions and contingencies for the quarter were at Rs 1,629.4 crore as against Rs 1,558.8 crore for the quarter ended June 30, 2017.