HDFC Bank Q2 profit climbs

The bank’s total income for the quarter rose to Rs.17,324 crore, from Rs.13,895 crore.

October 22, 2015 01:16 am | Updated 01:16 am IST - MUMBAI:

HDFC Bank reported net profit increased 20.5 percent to Rs.2,869.5 crore in the three months ended September 30, from Rs.2,381.4 crore a year earlier.

The bank’s total income for the quarter rose to Rs.17,324 crore, from Rs.13,895 crore.

Net revenue (net interest income plus other income) increased by 22.2 per cent to Rs.9,232.7 crore from Rs.7,558 crore . The numbers are as per Indian GAAP, the bank said. Net interest income for the quarter grew by 21.2 per cent to Rs.6,680.9 crore driven by average assets growth of 29 per cent and a net interest margin for the quarter of 4.2 per cent.

Other income at Rs.2,551.8 crore was 27.6 per cent of the net revenue and grew by 24.7 per cent over Rs.2,047.1 crore in the same period last year.

The cost-to-income ratio was at 45.4 per cent against 46.3 per cent for the same period last year. Provisions and contingencies for the quarter were Rs.681.3 crore against Rs.455.9 crore for the same period last year.

Total deposits as of September 30 stood at Rs.5,06,909 crore, an increase of 29.7 per cent over September 30, 2014. Advances were Rs.4,18,541 crore, an increase of 27.9 per cent over September 30, 2014.

“We are extremely strong in fixed deposits, which have grown by 30 per cent, CASA saw a healthy growth by 20 per cent whereas the industry has grown in single digit. We have gained market share in CASA,” said Paresh Sukthankar, Deputy Managing Director, HDFC Bank.

“This loan growth was contributed by both segments of the bank’s loan portfolio, with domestic retail loans and wholesale loans as per the bank’s internal business classification growing by 29.3 per cent and 23.4 per cent respectively,” HDFC Bank said in a statement. HDFC Bank shares were little changed at Rs.1,094.80 on the BSE.

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