HDFC Bank Q2 net up 20% at Rs 2,380 crore, lags estimates

Gross NPA at 1.02% compared to 1.07% q-o-q

HDFC Bank Ltd, India's second-biggest private sector lender by assets, on Tuesday reported a 20% rise in quarterly net profit, lagging estimates, due to higher tax expenses and provisioning for loan losses.

 

Net profit rose to Rs 2,381 crore in the quarter ended September 30, 2014, from Rs 1,982 crore a year earlier.

 

Analysts had on average expected a net profit of Rs 2,425 crore.

 

Gross NPA came in at 1.02% compared to 1.07% q-o-q. Net NPA was 0.28% compared to 0.3% in the previous quarter.

 

Net interest margin rose to 4.5% compared to 4.4% in the previous quarter.

 

Provisions were recorded at Rs 455.9 crore compared to Rs 385.9 crore in the year-ago period.

 

HDFC Bank's capital adequacy ratio (Basel III) came in at 15.7%.

The Bank's shares were up 0.58% at Rs 900 at around 1400 hours on the Bombay Stock Exchange.