HDFC Bank's home loan advances drop
HDFC Bank reported a 20.4% rise in its net profit for the quarter ended September 30, 2016 at Rs 3455.3 crore. Its net income stood at Rs 7,793.6 crore as against Rs 6,680.9 crore in the same quarter of last year.
Net revenues for the given period also jumped 18%, at Rs 10,894.5 crore. The bank said that its total deposits rose 16.7%, at Rs 5,91,731 crore in the second quarter as against Rs 5,06,909 crore. October also saw the total deposits with the entire banking system in India cross Rs 100 lakh crore for the first time.
HDFC Bank said that its total advances rose by 18.1%, at Rs 4,94,418 crore. However, home loans was the only segment that saw a decline from June quarter. The bank said that its home loans advances for the second quarter ended September 30, 2016 stood at Rs 33,559 crore as against Rs 33,590 crore in quarter ended June 30, 2016.