HDFC Bank’s quarterly profit jumps 20.4% to Rs 3,455 crore
Private sector HDFC Bank on Tuesday reported 20.4 per cent jump in net profit at Rs 3,455.3 crore for the quarter ended September 30. The bank had earned Rs 2,869.5 crore profit in the same quarter of the last financial year.
The banks total income for the July-September quarter of the current fiscal was Rs 19,970.9 crore, up from Rs 17,324.3 crore in the year-ago period. Gross non-performing assets (NPAs) rose to 1.02 per cent of gross advances from 0.9 per cent a year ago. The net NPAs also increased to 0.3 per cent from 0.2 per cent.
As a result, provisions and contingencies for the quarter increased to Rs 749 crore consisting of specific loan loss provisions Rs 640.7 crore and general and other provisions Rs 108.3 crore as against Rs 681.3 crore in the same quarter a year ago.
Net interest income (interest earned less interest expended) for the quarter grew by 19.6 per cent to Rs 7,993.6 crore driven by average assets growth of 19.7 per cent and a net interest margin for the quarter of 4.2 per cent, HDFC Bank said in a statement. The bank’s total capital adequacy ratio (CAR) as per Basel III guidelines, was at 15.4 per cent as against 15.5 per cent at the end of second quarter of the previous fiscal.
For the half year ended September, the bank’s profit rose by 20.3 per cent to Rs 6,694.2 crore as compared to Rs 5,565.1 crore in the same period of 2015-16 fiscal. Total income of also improved to Rs 39,293.5 crore as against Rs 33,827.3 crore in the corresponding period of last fiscal. pti
Axis Bank’s Q2 profit dives 83% to Rs 319 cr on bad loans
Private sector Axis Bank on Tuesday reported 83 per cent plunge in net profit for the July-September quarter at Rs 319 crore mainly due to higher provisioning for bad loans. The bank had posted a net profit of Rs 1,915.64 crore for the July-September period of FY2015-16.
Axis Bank in a regulatory filing said that net profit in the first half of the current fiscal declined by 52 per cent to Rs 1,875 crore. “The Bank has posted a net profit of Rs 3,190.80 million for the quarter ended September 30, 2016 as compared to Rs 19,156.40 million for the quarter ended September 30, 2015.”
Total Income increased to Rs 13,698.7 crore in the period under review from Rs 12,001 crore for the quarter ended September 30, 2015.
IDFC Bank profit soars over 6 times
Private sector IDFC Bank on Tuesday reproted over six-fold jump in net profit to Rs 387.76 crore for the second quarter ended on September 30, 2016. The bank had reported a net profit of Rs 59.63 crore in the corresponding quarter a year ago. Its total income, as per a regulatory filing, stood at Rs 2,493.13 crore as against Rs 91.81 crore in the second quarter of the last financial year.
The bank said provisioning for bad loans for the quarter under review stood at Rs 22.34 crore. Its Gross NPAs to Gross Advances stood at 5.96 per cent and net NPAs stood at 2.44 per cent during the second quarter of the current fiscal year. Shares of the bank closed at Rs 78.25 on BSE, up 0.06 per cent over the previous day.