Private sector lender HDFC Bank today reported 27.1 per cent jump in net profit to Rs 1982.3 crore for the July-September quarter.
It had posted a net profit of Rs 1,559.9 crore for the corresponding period last year.
The bank’s net interest income was up 15.3 per cent to Rs 4,476.5 crore from Rs 3,731.7 crore in the second quarter of the previous fiscal.
The non-interest income increased by 25.3 per cent to Rs 1,471.8 crore,HDFC Bank said in a statement.
The net interest margin of the bank declined marginally to 4.3 per cent as against 4.4 per cent.
The bank’s total income moved up to Rs 11,937.7 crore for the quarter,from Rs 10,146.7 crore in the corresponding period last year,it said.
The second largest private sector lender saw its balance sheet size increase 14.2 per cent to Rs 4,31,166.77 crore at the end of the reporting quarter.
Its net advances were up 16 per cent at Rs 2,68,617 crore as compared to the September 2012 figure,while deposits were up 14.2 per cent at Rs 3,13,011 crore.
The bank scrip was trading at Rs 657.50,down 1.45 per cent,in the afternoon trade on the BSE.
HDFC Bank Q2 net up 27.1% to Rs 1,982 cr
(Reuters) India’s No 3 lender by assets HDFC Bank posted quarterly net profit of 27 per cent,in line with analyst estimates,due to losses in its investment portfolio,higher operating expenses and worsening asset quality.
That was the first time in a decade that HDFC Bank’s net profit has fallen below 30 per cent.
Net profit rose to Rs 1,980 crore in the quarter ended September 30 from about Rs 1,560 crore a year earlier,HDFC Bank said on Tuesday. Net interest income grew nearly 15 per cent to Rs 4,480 crore.
Analysts had expected HDFC Bank to post net profit of Rs 1,980 crore.
Asset quality at HDFC Bank,the third-biggest Indian lender behind State Bank of India (SBI) and ICICI Bank,worsened as nonperforming assets (NPAs) came in,as a percentage of total assets,at 1.1 per cent compared with 0.9 per cent a year earlier.