HDFC Bank net profit surges 20%

HDFC Bank net profit surges 20%

HDFC Bank net profit surges 20%
HDFC Bank reported an increase of 20.14% in net profit for the quarter ended June 30, 2016 at Rs 3,238.9 crore compared with Rs 2,695.72 crore, a year ago.

The net interest income for the bank during the quarter grew 21.8% to Rs 7,781.4 crore from Rs 6,388.8 crore for the quarter ended June 30, 2015, driven by average assets growth of 20.2% and a net interest margin of 4.4% for the quarter, the bank said.

Provisions and contigencies of the bank for the quarter were Rs 866.7 crore, consisting of specific loan loss provision of Rs 832.3 crore and general/floating/other provisions of Rs 34.4 crore, against Rs 728 crore for the corresponding quarter.

Other income for the bank during the quarter grew 14% to Rs 2,806.6 crore against Rs 2,461.9 crore in Q1FY16.

As far as asset quality is concerned, gross non-performing assets (NPAs) were at 1.04% of gross advances during the quarter against 0.95% as on June 30, 2015. Net NPAs were at 0.3% of net advances as on June 30, 2016.

Total restructured loans were at 0.1% of gross advances as of June 30, 2016.

On the capital adequacy front, the bank’s total capital adequacy ratio (CAR) as per Basel III guidelines was at 15.5% as on June 30, 2016 (15.7% as on June 30, 2015) as against a regulatory requirement of 9%. Tier-1 CAR was at 13.3% as on June 30, 2016, compared with 12.8% as on June 30, 2015.
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