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HDFC Bank reports net profit of Rs 2,870 crore in Q2, meets estimates

The bank's Q2 profit after tax (PAT) at Rs 2,870 crore in FY16 rose by 20.5 per cent as compared to Rs 2,382 crore year-on-year in the second quarter of the previous fiscal year.

BT Online   New Delhi     Last Updated: October 21, 2015  | 15:38 IST
HDFC Bank posts net profit of Rs 2,870 cr in Q2, meets estimates
Its net interest income (NII) stood at Rs 6,680 crore. (Photo: Reuters)

The HDFC Bank on Wednesday reported a net profit of Rs 2,870 crore in its second quarter ended September 30, falling in line with the estimates.

The bank's Q2 profit after tax (PAT) at Rs 2,870 crore in FY16 rose by 20.5 per cent as compared to Rs 2,382 crore year-on-year in the second quarter of the previous fiscal year.

Its net interest income (interest earned less interest expended) grew by 21.2 per cent to Rs 6,680 crore driven by average assets growth of 29 per cent and a net interest margin for the quarter of 4.2 per cent, the bank said in a regulatory filing.

The bank's gross non-performing assets were at 0.91% of advances as of September 2015, against 0.95% in June the quarter while the net non-performing assets were at 0.25% of advances, against 0.27% in June quarter.

It further said net revenues increased by 22.2 per cent to Rs 9,232.7 crore in the reporting quarter. Other income (non-interest revenue) at Rs 2,551.8 crore was 27.6 per cent of the net revenues for the quarter ended September 2015 and grew by 24.7 per cent over 2,047.1 crore in the corresponding period last fiscal.

Operating expenses were Rs 4,189.8 crore, an increase of 19.8 per cent over the same quarter of last fiscal. The Bank's total capital adequacy ratio (CAR) as per Basel III guidelines, was at 15.5 per cent as against a regulatory requirement of 9 per cent. For the half year ended September 2015, the bank earned a total income of Rs 33,827.3 crore as against Rs 26,965.4 crore in the corresponding period of last fiscal.

At September end, the bank had distribution network of 4,227 branches and 11,686 ATMs.

The HDFC Bank shares fell marginally by 0.03 per cent to close at Rs 1094.80 on Wednesday.

(With agency inputs)

 

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