Tag: hdfc bank results

HDFC Bank Q2 net up 17.6% on robust interest income

Banking & Finance

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Private sector lender HDFC Bank’s standalone net profit increased 17.6 per cent in the second quarter of the current fiscal supported by a robust growth in net interest income.

For the quarter ended September 30, the bank reported net profit of ₹8,834.3 crore against ₹7,513.11 crore in the corresponding quarter last fiscal.

Net interest income grew 12.1 per cent to ₹17,684.4 crore (₹15,776.4 crore). Core net interest margin was at 4.1 per cent.

Other income was up 21.5 per cent at ₹7,400.8 crore (₹6,092.5 crore).

Provisions and contingencies increased 6 per cent to ₹3,924.7 crore (₹3,703.5 crore).

“Total provisions for the current quarter included contingent provisions of approximately ₹1,200 crore,” HDFC Bank said in a statement on Saturday.

Asset quality remained stable and improved on a sequential basis.

Gross non performing assets (GNPAs) rose to ₹16,346.07 crore as on September 30 (against ₹11,304.60 crore).

GNPAs declined 12 basis points during the quarter to 1.35 per cent of gross advances against 1.47 per cent as on June 30, 2021. However, GNPAs in the reporting quarter were 27 basis points higher vis-a-vis the year-ago level of 1.08 per cent. Net NPAs declined to 0.4 per cent of net advances as on September 30, 2021 compared to 0.48 per cent as on June 30, 2021. However, net NPAs rose by 23 basis points vis-a-vis the year-ago level of 0.17 per cent.

Restructured book

The number of requests the bank received for restructuring personal and business loans stood at 6.45 lakh and 6.12 lakh, respectively, under the RBI’s Resolution Framework 2.0 of May 2021. Of this, resolution plans were implemented in the case of 5.5 lakh personal loan accounts and 5.3 lakh business loan accounts. It also received requests for resolution from 9,870 small businesses, of which 6,934 accounts were taken up for resolution.

The total exposure to these accounts before the implementation of the resolution plan was ₹17,397.11 crore.

Meanwhile, of the 3.36 lakh accounts restructured under the Resolution Framework 1.0 with an exposure of ₹7,829.48 crore, ₹1,687.02 crore slipped into NPA in the first half of the fiscal and ₹856.66 crore was written off.

Advances and deposits

Total deposits increased 14.4 per cent on a year on year basis to ₹14.06 lakh crore. Advances increased 15.5 per cent to ₹11.98 lakh crore during the period.

 

 

 

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HDFC Bank reports 18% jump in net profit to Rs 8,758 crore; gross NPA ratio at 0.81%

Banking & Finance

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In terms of asset quality, HDFC Bank noted that gross and net non-performing assets were at 0.81% of gross advances and 0.09% of net advances.

India’s largest private sector lender HDFC Bank, today reported an 18.1% on-year rise in net profit during the fiscal third quarter. HDFC Bank’s standalone net profit stood at Rs 8,758 crore in the October-December quarter against Rs 7,416 crore in the same period last year. The bank’s net revenue was recorded at Rs 23,760 crore against Rs 20,842 crore from the year-ago period. On a consolidated basis, HDFC Bank’s net profit for the period under review was Rs 8,769 crore, against Rs 7,659 crore in the previous year.

HDFC Bank’s net interest income for the previous quarter grew 15.1% to Rs 16,317 crore helped by growth in advances, which was at 15.6%. The liquidity coverage ration of HDFC Bank was reported to be at 146%, well above the regulatory limit. Other income in the said period was at Rs 7,443 crore, 31.3% of the net revenue. 

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Pre-provisioning operation profit for the last quarter came in at Rs 15,186 crore, 17.3% higher on-year basis. HDFC Bank’s provisions during the quarter were Rs 3,414 crore of which Rs 691 crore were loan loss provisions while the reset was general provisions. Total deposits of the private sector lender were up 19% to Rs 12 lakh crore. Total advances as of December end stood at Rs 10.8 lakh crore an increase of 15.6%. Domestic advances grew 14.9%. 

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In terms of asset quality, HDFC Bank noted that gross and net non-performing assets were at 0.81% of gross advances and 0.09% of net advances. The lender said that if it had classified borrower accounts as NPAs despite the Supreme Court order to not declare accounts as NPAs, the gross NPA ratio would have been 1.38%. 

HDFC Bank’s net interest income and net profits for the third quarter the current fiscal year have beaten the estimates of at least three domestic brokerage and research firms. Shares of the lender continue to perform strongly on the bourses, even after having surged 38% in the last three months. Brokerage firm Motilal Oswal and Emkay Global have a ‘Buy’ rating on the scrip with a positive outlook.

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