HDFC Bank Net Profit Rises 27% In September Quarter; Asset Quality Stable
The country's largest lender by market capitalisation - HDFC Bank - on Saturday reported that its net profit rose 27 per cent to Rs 6,345 crore in the quarter ended on September 30. HDFC Bank had posted net profit of Rs 5,005.73 crore in the same quarter a year ago. HDFC Bank's net interest income, the difference between interest earned by the bank from loans and interest expended on deposits, grew 15 per cent to Rs 13,515 crore as against Rs 11,763 in the year ago period.
The Mumbai-based lender's asset quality showed a slight improvement in July-September period as its gross non-performing assets (NPA) as a percentage of total advances stood at 1.38 per cent versus 1.40 per cent in the previous quarter. Net NPAs came in at 0.42 per cent versus 0.43 per cent in June quarter.
HDFC Bank's provisions for bad loans rose to Rs 2,700.68 crore versus Rs 2,613.66 crore in the previous quarter.
Total deposits as of September 30, 2019 were Rs 1,021,615 crore, an increase of 22.6 per cent over September 30, 2018. Total advances were at Rs 896,984 crore, an increase of 19.5 per cent over September 30, 2018.
As of September 30, 2019, the bank's distribution network was at 5,314 banking outlets and 13,514 ATMs across 2,768 cities/towns as against 4,825 banking outlets and 13,018 ATMs across 2,718 cities/towns as of September 30, 2018.
HDFC Bank shares ended 0.69 per cent higher at Rs 1,229.20 on Friday.
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