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HDFC Bank June quarter net profit climbs 18% to Rs 4,601 crore, bad loans rise marginally

HDFC Bank saw its net profit grow by 18.2 per cent year-on-year to Rs 4,601.44 crore in the first quarter of the ongoing financial year, meeting expectations. Asset quality saw marginal changes with Gross NPA ratio at 1.3 per cent.

twitter-logo BusinessToday.In   New Delhi     Last Updated: July 21, 2018  | 17:45 IST
HDFC Bank June quarter net profit climbs 18% to Rs 4,601 crore, bad loans rise marginally

HDFC Bank saw its net profit grow by 18.2 per cent year-on-year to Rs 4,601.44 crore in the first quarter of the ongoing financial year, meeting expectations. The bank had posted a net profit of 3,893.84 crore during the quarter ended June 30, 2017, according to a regulatory filing by the bank.

The total income of HDFC Bank grew 18.8 per cent to Rs 26,367 crore in the June quarter of the current fiscal as opposed to the Rs 22,185.4 crore for the corresponding quarter last fiscal. 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 per cent 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 per cent for the quarter, HDFC Bank said.

The private lender also saw its operating expenses grow in the quarter under consideration by 11.5 per cent to Rs 5,983.9 crore from Rs 5,367.5 crore registered during the quarter ended June 30, 2017. The core cost-to-income ratio for the quarter was at 40.1 per cent as against 42.7 per cent for the corresponding quarter last year.

"Total deposits as of June 30, 2018 were Rs 805,785 crore, an increase of 20.0 per cent over June 30, 2017. As of June 30, 2018 current account deposits were at Rs 109,297 crore and savings account deposits at Rs 226,656 crore grew by 17.4 per cent over June 30, 2017. Time deposits were at Rs 469,832 crore, an increase of 24.9 per cent over the previous year, resulting in CASA deposits comprising 41.7 per cent of total deposits as of June 30, 2018," the bank said in its statement.

On the assets front, gross non-performing assets (GNPAs) stood at 1.33 per cent of gross advances as on June 30, 2018, compared to 1.30 per cent as on March 31, 2018 and 1.24 per cent as on June 30, 2017. Net non-performing assets (NPAs) or bad loans were at 0.41 per cent of net advances as on June 30, 2018, down from 0.44 per cent seen during the June quarter of last fiscal.

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.

(With PTI inputs)

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