Country's one of the largest private sector lender HDFC Bank has reported a healthy 26.75 percent year-on-year (YoY) growth in profit for the quarter that ended on September 2019 with stable asset quality.
Profit after tax for the quarter increased to Rs 6,345 crore against Rs 5,005.73 crore earned in the same period last year. The growth was driven by average asset growth of 15 percent and a core net interest margin for the quarter of 4.2 percent.
Net interest income during the quarter grew by 14.89 percent to Rs 13,515.04 crore YoY with loan growth at 19.5 percent as compared to same period last year.
Other income (non-interest income) increased significantly by 39.18 percent to Rs 5,588.72 crore in July-September quarter YoY while operating profit climbed 23.40 percent YoY to Rs 11,698.08 crore in Q2FY20.
Fees and commissions, which contributed more than 72 percent to other income, grew by 23 percent year-on-year to Rs 4,054.5 crore in Q2 and foreign exchange & derivatives revenue increased 31.4 percent to Rs 551.7 crore while gain on sale/ revaluation of investments stood at Rs 480.7 crore during the quarter ended September 2019 against loss of Rs 32.8 crore in the corresponding period last year.
Asset quality remained stable for the quarter with gross non-performing assets as a percentage of gross advances falling sequentially to 1.38 percent from 1.40 percent, and net NPA as a percentage of new advances declining to 0.42 percent against 0.43 percent QoQ.
HDFC Bank said provisions and contingencies increased sharply by 48.39 percent to Rs 2,700.68 crore in Q2 compared to year-ago period while the same grew by 3.33 percent QoQ.
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