HDFC Bank net profit up 18.2% in Q1

Mumbai, July 21 : HDFC Bank on Saturday reported a 18.2 per cent increase in its net profit to Rs 4,601.4 crore during the quarter ended June 30 in the current fiscal, as compared to Rs 3,893.84 crore in the year-ago period.

The Bank's total income for the quarter under review was at Rs 26,367 crore, up by 18.8 per cent from Rs 22,185.4 crore for the corresponding period last year.

Net interest income (interest earned less interest expended) for the period grew by 15.4 per cent to Rs 10,813.6 crore, from Rs 9,370.7 crore for the year-ago quarter, driven by asset growth and a net interest margin for the quarter of 4.2 per cent.

Provisions and contingencies for the quarter were Rs 1,629.4 crore as against Rs 1,558.8 crore in the corresponding period last year.

"The key components therein for the quarter ended June 30, 2018 were specific loan loss provisions of Rs 1,432.2 crore (as against Rs 1,343.2 crore for the corresponding quarter of the previous year) and general provisions of Rs 183.2 crore (as against Rs 206.3 crore for the corresponding quarter of the previous year)," the lender said in a statement.

Gross non-performing assets for the lender were at 1.33 per cent of total advances at end of the first quarter of the current fiscal, as against 1.24 per cent year-ago.

Net non-performing assets were at 0.4 per cent as on June 30, 2018.

"The Bank held floating provisions of Rs 1,451 crore as on June 30, 2018.

Total provisions (comprising specific provisions, general provisions and floating provisions) were 118 per cent of the gross non-performing loans," it said.

Total deposits at the end of first quarter of FY19 (2018-19) were Rs 805,785 crore, an increase of 20 per cent over corresponding period last year while total advances grew 22 per cent to Rs 708,649 crore as on June 30, 2018.

"This loan growth was contributed by both segments of the Bank's loan portfolio with the domestic loan mix between retail: wholesale at 55:45.

Retail loans grew by 21.6 per cent and wholesale loans grew by 22.7 per cent," it said in a statement.

The Bank's total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 14.6 per cent as on June 30, 2018.

At the end of the first three months of the current fiscal, the lender's distribution network was at 4,804 banking outlets and 12,808 ATMs across 2,666 cities.



Source: IANS