At Rs 46 billion, HDFC Bank registers 18.2% rise in net profit in Q1

Net non-performing assets were at 0.4 per cent of net advances as on June 30, 2018

HDFC Bank today reported an 18.2 per cent increase in its net profit at Rs 46.0144 billion for the quarter ended June.

The private sector lender had registered a net profit of Rs 38.9384 billion in the corresponding period of the previous fiscal 2017-18.

Total income for the quarter grew 18.8 per cent to Rs 263.67 billion from Rs 221.854 billion in the quarter ended June 30, 2017, the bank said in a regulatory filing.

Net revenues (net interest income plus other income) increased to Rs 146.316 billion from Rs 128.874 billion earlier.

The net interest income (interest earned less interest expended) for the quarter grew by 15.4 per cent to Rs 108.136 billion, from Rs 93.707 billion earlier, driven by asset growth and a net interest margin of 4.2 per cent for the quarter, HDFC Bank said.

On the assets front, gross non-performing assets (GNPAs) stood at 1.33 per cent of gross advances as on June 30, 2018, compared to 1.30 per cent as on March 31, 2018 and 1.24 per cent as on June 30, 2017.

Net non-performing assets (NPAs) or bad loans were at 0.4 per cent of net advances as on June 30, 2018, down from 0.44 per cent a year ago.

Provisions and contingencies for the quarter were at Rs 16.294 billion as against Rs 15.588 billion for the quarter ended June 30, 2017.