HDFC Bank posts 20 percent growth in net profit

HDFC Bank closed the second quarter of the current fiscal with around 20 percent growth in net profit as compared to previous year's corresponding period, the private sector bank said on Wednesday.

The bank posted a net profit of Rs.2,869.45 crore for the period ended September 30, 2015, up from Rs.2,381.46 crore posted the previous year, the bank said in a statement.

The bank's total income for the quarter ended September 30, 2015, was Rs.17,324.28 crore - up from Rs.13,894.73 crore for the quarter ended September 30, 2014.

Net interest income (interest earned less interest expended) for the quarter grew by 21.2 percent to Rs.6,680.9 crore from Rs.5,511.0 crore the previous year driven by average assets growth of 29 percent and a net interest margin for the quarter of 4.2 percent, the bank said.

Total deposits were Rs.506,909 crore, an increase of 29.7 percent from the previous year.

Advances as of the quarter ended this year were Rs.418,541 crore, an increase of 27.9 percent over September 30, 2014.

According to HDFC Bank, its gross non-performing assets (NPAs) were at 0.9 percent of gross advances as on September 30, 2015, as against one percent as on September 30, 2014.

The net NPA were at 0.2 percent of net advances as on September 30, 2015.