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HDFC Bank Q2 net profit up 20 per cent at Rs 4,151 crore

Private player HDFC Bank on Tuesday reported 20.1 per cent jump in net profit to Rs 4,151 crore for the second quarter ended September 30, 2017-18.

It had earned Rs 3,455.3 crore profit in the July- September quarter of the last financial year.

The bank’s total income for the quarter under review was Rs 23,276 crore, up from Rs 19,970.9 crore in the year-ago period.

Its gross non-performing assets (GNPAs) rose to 1.26 per cent of gross advances from 1.02 per cent a year ago. The net NPAs also increased to 0.4 per cent from 0.3 per cent.

As a result, provisions and contingencies for the quarter almost doubled to Rs 1,476 crore consisting of specific loan loss provisions Rs 749 crore.

Without specifying the name of the company, the bank made a declaration saying it had participated in a consortium lending which underwent flexible structuring under 5:25 regulatory framework as approved by the Joint Lender Forum in February 2016.

“The conduct of the this account with the bank has been standard throughout. Nevertheless, in the interim the bank has made sufficient contingent provisions for this account as on September 30, 2017,” HDFC Bank made a declaration in its results.

The bank’s total capital adequacy ratio (CAR) as per Basel III guidelines, was at 15.1 per cent as against 15.4 per cent at the end of second quarter of the previous fiscal.

For the half year ended September, the bank’s profit rose by 22.2 per cent to Rs 8,045 crore as compared to Rs 6,694 crore in the same period of 2016-17 fiscal.

Total income of also improved to Rs 45,461.5 crore as against Rs 39,293.5 crore in the year-ago period.

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