India's second largest private sector lender HDFC Bank met street expectations with the second quarter net profit rising 20.1 percent to Rs 2,380 crore compared to Rs 1,982 crore in same quarter last year supported by higher other income and net interest income by impacted by higher provisions. Net interest income, the difference between interest earned and interest expended, grew by 23.1 percent to Rs 5,511 crore in the quarter ended September 2014 from Rs 4,476.5 crore in the year-ago period while net interest margin expanded 10 basis points sequentially to 4.5 percent from 4.4 percent. Profit was expected at Rs 2,398 crore and net interest income at Rs 5,275 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18. Other income (comprising of fees & commissions, foreign exchange & derivatives, profit on sale of investments) increased 11 percent to Rs 2,047 crore from Rs 1,844 crore during the same period while operating expenses jumped 19.2 percent to Rs 3,497.90 crore from Rs 2,934.2 crore Y-o-Y. Provisions and contingencies jumped 18 percent on yearly basis (down 5.6 percent quarter-on-quarter) to Rs 455.9 crore in the quarter gone by. Asset quality was stable with the gross non-performing assets (NPA) falling to 1.02 percent in second quarter of current financial year 2014-15 compared to 1.07 percent Q-o-Q and 1.09 percent Y-o-Y. Net NPA remained unchanged at 0.3 percent on sequential as well as yearly basis. The bank said total restructure loans were at 0.1 percent of gross advances as of September 2014 as against 0.2 percent in September 2013. In absolute term, gross NPA was flat (up 14.3 percent year-on-year) at Rs 3,362 crore compared to Rs 3,356 crore on sequential basis and net NPA declined 9 percent (up 19.6 percent Y-o-Y) to Rs 917.3 crore from Rs 1,007.4 crore quarter-on-quarter. Advances during the quarter grew by 21.8 percent year-on-year to Rs 3.27 lakh crore driven by domestic retail loans and wholesale loans while deposits jumped 24.8 percent to Rs 3.9 lakh crore in the same period.
Tuesday, 21 October 2014
HDFC Bank Q2 profit rises 20% on higher NII, other income
India's second largest private sector lender HDFC Bank met street expectations with the second quarter net profit rising 20.1 percent to Rs 2,380 crore compared to Rs 1,982 crore in same quarter last year supported by higher other income and net interest income by impacted by higher provisions. Net interest income, the difference between interest earned and interest expended, grew by 23.1 percent to Rs 5,511 crore in the quarter ended September 2014 from Rs 4,476.5 crore in the year-ago period while net interest margin expanded 10 basis points sequentially to 4.5 percent from 4.4 percent. Profit was expected at Rs 2,398 crore and net interest income at Rs 5,275 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18. Other income (comprising of fees & commissions, foreign exchange & derivatives, profit on sale of investments) increased 11 percent to Rs 2,047 crore from Rs 1,844 crore during the same period while operating expenses jumped 19.2 percent to Rs 3,497.90 crore from Rs 2,934.2 crore Y-o-Y. Provisions and contingencies jumped 18 percent on yearly basis (down 5.6 percent quarter-on-quarter) to Rs 455.9 crore in the quarter gone by. Asset quality was stable with the gross non-performing assets (NPA) falling to 1.02 percent in second quarter of current financial year 2014-15 compared to 1.07 percent Q-o-Q and 1.09 percent Y-o-Y. Net NPA remained unchanged at 0.3 percent on sequential as well as yearly basis. The bank said total restructure loans were at 0.1 percent of gross advances as of September 2014 as against 0.2 percent in September 2013. In absolute term, gross NPA was flat (up 14.3 percent year-on-year) at Rs 3,362 crore compared to Rs 3,356 crore on sequential basis and net NPA declined 9 percent (up 19.6 percent Y-o-Y) to Rs 917.3 crore from Rs 1,007.4 crore quarter-on-quarter. Advances during the quarter grew by 21.8 percent year-on-year to Rs 3.27 lakh crore driven by domestic retail loans and wholesale loans while deposits jumped 24.8 percent to Rs 3.9 lakh crore in the same period.
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