HDFC Q2FY20 Results: Profit rises over 60 pct, operation revenue grows by 10.3 pct
HDFC Q2FY20 Results: HDFC reported YoY profit growth of 60.57 per cent as its profit in Q2FY20 came at Rs 3961.5 crore against the Q2FY19 profit of Rs 2467.1 crore.
HDFC Q2FY20 Results: Lending major HDFC reported its second-quarter results on 4th November 2019. On account of pre-tax gains of Rs 1627 crore through stake sale in Gruh Finance HDFC reported YoY profit growth of 60.57 per cent as its profit in Q2FY20 came at Rs 3961.5 crore against the Q2FY19 profit of Rs 2467.1 crore.
In its September quarter results, HDFC reported that its revenue from operations has hit Rs 10,478.33 crore against Rs 9,494.7 crore against the corresponding quarter. In the September quarter, HDFC's Net Interest Margin came at 3.3 per cent while its loan growth for Q2FY20 stands at 12 per cent. HDFC's Net Interest Income for the Q2FY20 at Rs 3,021 crore is 16.5 per cent up against Rs 2,594 crore in the corresponding quarter. The NBFC made Rs 754 crore in provisions in the second quarter of FY19-20 against Rs 890 crore in the Q1FY20 results.
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HDFC's absolute gross NPAs rose sequentially to Rs 5,655 crore from Rs 5,315 crore in Q1FY20 numbers. In percentage terms, gross NPA at 1.33 per cent in the September quarter is higher than 1.29 per cent in the previous quarter. Total tax expenses for the quarter at Rs 568 crore were half of Rs 1,022 crore, the NBFC paid in the same quarter last year.
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