HDFC Bank has recorded a 33 per cent rise in net profit aided by strong growth in credit and lower provisions due to improvement in asset quality. The bank's net profit increased to Rs 912 crore as on September 30, from Rs 687 crore in the same period last year.
Advances grew 38 per cent to Rs 1,58,512 crore. Not including some one-off short term loans, the growth would have been 32 per cent. Over the June quarter, advances grew Rs 12,512 crore.
Advances
Of the total advances, retail loans account for 52 per cent or Rs 81,750 crore and wholesale loans account for 48 per cent or Rs 76,762 crore.
While cost of borrowing increased by 25-40 basis points, the corresponding increase in deposit rates helped to maintain margins, he added. Going ahead margins would remain in the range of 4-4.2 per cent.
Other income was lower due to lower trading gains at Rs 52 crore (Rs 163 crore).
Provisions were lower at Rs 454 crore (Rs 594 crore) as additions to gross non-performing assets were lower. Gross NPAs were Rs 1,841 crore (Rs 2,027 crore).
HDFC Bank added 40 branches in the second quarter and will probably add 100 odd more during the fiscal.
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