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HDFC Bank Q2 net up 27% to Rs 6,344 cr on loan growth, higher NIM

Gross NPA largely stable at 1.38 per cent of gross advances, net NPA at 0.42 per cent

Reuters  |  Mumbai 

hdfc bank

HDFC Bank, India's largest private lender, said on Saturday its net profit rose 27 per cent in the second quarter of its financial year, helped by loan growth and a higher net interest margin (NIM).

The bank said it made a net profit of Rs 6,344 crore, compared with Rs 5,005 crore in the same period of last year.

Gross non-performing assets (NPA), a measure of asset quality, was largely stable at 1.38 per cent of gross advances, while net NPA was at 0.42 per cent, said.

However, provisions rose to Rs 2,700 crore from Rs 1,820 crore at the end of September 2018. NIM, a key indicator of a bank's profitability, was 4.2 per cent.

Total advances as of the end of September 2019 were at Rs 8.97 trillion rupees, up 19.5% over the corresponding quarter of last year. Meanwhile, deposits grew 22.6 per cent year-on-year.

The bank remains well capitalised, with a capital adequacy ratio of 17.5 per cent at the end the quarter, well above the regulatory requirement.

First Published: Sat, October 19 2019. 17:57 IST