HDFC Bank today reported an 18.2 per cent rise in its net profit to Rs 4,601.44 crore in the first quarter ended June 30, on robust interest income and low level of bad assets on its books.
The bank had registered a net profit of Rs 3,893.84 crore in the corresponding June quarter of previous fiscal 2017-18.
"After providing Rs 2,416.9 crore for taxation, the Bank earned a net profit of Rs 4,601.40 crore, an increase of 18.2 per cent over the quarter ended June 30, 2017," the bank said in a statement.
Total income for the quarter, grew by 18.8 per cent to Rs 26,367 crore, from Rs 22,185.40 crore in the same period last year, the bank said in a regulatory filing.
Net revenues (net interest income plus other income) increased to Rs 14,631.60 crore from Rs 12,887.4 crore in the corresponding quarter previous year.
The net interest income (interest earned less interest expended) for the quarter ended grew by 15.4 per cent to Rs 10,813.60 crore, from Rs 9,370.70 crore in the same period a year ago, driven by asset growth and a net interest margin for the quarter of 4.2 per cent, HDFC Bank said.
On asset front, the gross non-performing assets stood at 1.33 per cent of gross advances as on June 30, 2018, as against 1.30 per cent as on March 31, 2018 and 1.24 per cent as on June 30, 2017.
Net non-performing assets (NPAs) or bad loans were at 0.4 per cent of net advances as on June 30, 2018 down from 0.44 per cent a year ago.
Provisions and contingencies for the quarter ended June 30, 2018 were around 1,629.4 crore as against Rs 1,558.8 crore for the quarter ended June 30, 2017, the private sector bank said.
The bank said it has decided not to avail the option of spreading provisioning in available for sale (AFS) and held-for-trading (HFT) categories equally over four quarters and recognised the entire mark to market loss of Rs 391 crore for the June quarter.
The loss was primarily due to corporate bond portfolio, it added.
Total balance sheet size as of June 30, 2018 was Rs 10,80,409 crore as against Rs 8,95,653 crore as of June 30, 2017.
Total deposits by June-end stood at Rs 8,05,785 crore, up 20 per cent, and total advances were up 22 per cent at Rs 7,08,649 crore.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)