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HDFC Bank Q1 net profit rises 20%

HDFC Bank Ltd on Monday reported 20.2% increase in its net profit for the June quarter due to higher net interest income and other income. Net profit for the quarter increased to Rs3,893.84 crore from Rs3,238.91 crore a year ago. Fourteen analysts polled by Bloomberg had forecast a net profit of Rs3,914.50 crore.
Net interest income (NII) or the core income a bank earns by giving loans increased 20.4% to Rs9,370.74 crore from Rs7,781.44 crore last year. Other income jumped 25.3% to Rs3,516.66 crore from Rs2,806.61 crore in the same period last year.

However, its asset quality worsened and provisions surged. Total bad loans rose 47.2% to Rs7,242.93 crore from Rs4,920.89 crore a year ago. 
Quarter-on-quarter, it increased 23.06% from Rs5,885.66 crore. Gross non-performing assets (NPAs) rose to 1.24% as compared to 1.05% in the previous quarter and 1.04% in the year-ago quarter. Net NPAs were at 0.44% in the June quarter compared to 0.33% in the previous quarter and 0.32% in the same quarter last year.
“Recoveries from agriculture advances were impacted during the quarter by borrower expectations of farm loan waivers arising out of policy announcements in certain states. These loan waiver policies are in the process of being finalised and implemented. As a prudent measure, the bank has enhanced specific provision coverage for its non performing agricultural advances,” HDFC Bank said in a release to the stock exchange.
Provisions and contingencies climbed 23.5% to Rs1,558.76 crore in the quarter from Rs1,261.80 crore a quarter ago. On year-on-year basis, it surged 79.84% from Rs866.73 crore.
Total advances rose 23.5% from a year ago to Rs5.81 trillion, while deposits rose 17% to Rs6.71 trillion.

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