Saturday, May 25, 2024

HDFC Bank Q2 Results: Lender reports 17.6% jump in net profit at Rs 8,834 cr

Private lender HDFC Bank on Saturday reported a 17.6 per cent year-on-year rise in net profit at Rs 8,834.30 crore for September quarter compared with Rs 7,513.11 crore in the year-ago quarter.

HDFC Bank said its net interest income (NII) — the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors — rose 12.1 per cent YoY to Rs 17,684.40 crore for the quarter. NII stood at Rs 15,776.40 crore in the year-ago quarter.

Core net interest income (NIM) for the quarter came in at 4.1 per cent.

Provisions and contingencies for the quarter rose to Rs 3,924.70 crore compared with Rs 3,703.50 crore in the year-ago quarter. Total provisions for the quarter included Rs 1200 crore worth contingent provisions, the bank said. Provisions and contingencies at the end of June quarter stood at Rs 4830.84 crore. so provisions fell sequentially but were higher on YoY basis.

Gross non-performing assets as percentage of gross advances came in at 1.35 per cent compared with 1.47 per cent in the June quarter and 1.37 per cent in the year-ago quarter. Excluding NPA in the agriculture segment, NPAs for the September quarter came in at 1.2 per cent.

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