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HDFC Bank posts 24.7% YOY increase in fiscal Q2 net profit

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HDFC Bank posts 24.7% YOY increase in fiscal Q2 net profit

HDFC Bank Ltd. posted a 24.7% year-over-year rise in net profit for the fiscal second quarter ended Sept. 30 as total income increased amid a rise in interest earned.

The bank on Oct. 19 reported a consolidated fiscal second-quarter net profit of 66.38 billion Indian rupees, up from 53.22 billion rupees in the prior-year period. EPS rose to 12 rupees from 9.8 rupees.

Interest earned for the quarter grew year over year to 300.17 billion rupees from 257.03 billion rupees.

Total income climbed to 361.31 billion rupees from 301.24 billion rupees. Operating profit before provisions and contingencies rose to 125.20 billion rupees from 102.89 billion rupees.

Provisions and contingencies for the quarter rose to 30.91 billion rupees from 20.31 billion rupees.

The bank's standalone gross nonperforming asset ratio came to 1.38% as of Sept. 30, compared to 1.40% at June 30 and 1.33% at Sept. 30, 2018. Its standalone net NPA for the quarter clocked in at 0.42%, compared to 0.43% at June 30 and 0.40% at Sept. 30, 2018.

As of Sept. 30, the lender's standalone capital adequacy ratio came to 17.5%, compared to 16.9% at June 30 and 17.1% at Sept. 30, 2018.

As of Oct. 18, US$1 was equivalent to 71.08 Indian rupees.