HDFC Bank, a leading private sector lender, today reported a growth of 20.14% in net profit for the second quarter of fiscal year 2017. It had earned Rs 3,455.3 crore profit in the July- September quarter of the last financial year. Earlier, Motilal Oswal had said, "Cost of funds (COF) decline would help to negate the impact of declining yields environment, and we expect HDFC Bank to report only a marginal 10 bps contraction in margins and report strong NIM of 4.6 per cent. NII is expected to grow at 22 per cent YoY".
The 4 components of other income include fees and commissions of Rs2614 crore, foreign exchange and derivative revenue of Rs384 crore, gain on revaluation/sale of investments of Rs355.90 crore, and miscellaneous income of Rs 252 crore.
Total income grew 16.55% to Rs 232.76 billion over Rs 199.70 billion in the same period a year ago.
Provisions and contingencies surged 97.09% to Rs1,476.19 crore from Rs748.99 crore a year ago.
Asset quality was largely stable for the quarter as gross non-performing assets (NPA) increased mildly to 1.26 percent (from 1.24 percent QoQ) but net NPA fell to 0.43 percent (from 0.44 percent QoQ). With this, the Bank has met the Street expectations that predicted the Bank to clock over 20 per cent growth in net profit.
Donald Trump: Bob Corker 'Couldn't Get Elected Dog Catcher' in Tennessee
The president will be meeting with Republican senators, including Corker, on tax reform Tuesday. President Donald Trump on Tuesday took to Twitter to tear into retiring Sen.
The company has reported net sales of Rs.23276.18 crores during the period ended September 30, 2017 as compared to Rs.19970.89 crores during the period ended September 30, 2016.
Other income or non-interest revenue rose by 24.3 percent YoY to Rs3605.90 crore which is 27 percent of net revenues for the quarter ended September 30. This included Rs 1,078.80 crore worth special loan loss provisions and Rs 397.40 crore worth of general and other provisions.
Gross NPAs stood at Rs7,702.84 crore, up 52% from Rs5,069.04 a year ago.
At 1pm, HDFC Bank was trading at Rs1,864 on the BSE, up 0.07% from previous close, while benchmark Sensex index rose 0.3% to 32,603.08 points.