HDFC Bank Q2 net jumps 26.8% to Rs 6,345 crore; provisions spike 48%
The lender made Rs 2,700.70 crore in provisions and contingencies for the quarter.
The private lender had reported Rs 5,005.73 crore profit in the corresponding quarter last year. Analysts in an ET NOW poll had projected profit at Rs 6,100 crore.
India’s most-valued lender reported a 14.89 per cent rise in net interest income (NII) at Rs 13,515.0 crore crore compared with Rs 11,763.4 crore in the same quarter last year. Net interest margin (NIM) for the quarter came in at 4.2 per cent.
Non-interest revenue or other income stood at Rs 5,588.70 crore, up 39.2 per cent over Rs 4,015.60 crore in the corresponding quarter of last year.
The lender made Rs 2,700.70 crore in provisions and contingencies for the quarter, which included specific loan loss provisions of Rs 2,038.0 crore and general provisions and other provisions of Rs 662. 70 crore.
The figure was 48 per cent higher than Rs 1,820 crore. Worth of provisions it made in the year-ago quarter.
Gross non-performing assets (NPAs) stood 1.38 per cent of gross advances as on September 30, compared with 1.40 per cent in June quarter and 1.33 per centin the year-ago quarter. Net NPA for the quarter stood at 0.4 per cent of net advances, the bank said.
The private lender will host earnings call with analysts and investors at 5 pm.