HDFC Bank Q1 net profit up 20% at Rs 3,239 cr, meets estimates; bad loans jump 13%
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HDFC Bank on Thursday reported 20 per cent rise in net profit at Rs 3,238.91 crore for the quarter ended June 30, 2016 against Rs 2,695.72 crore in the corresponding quarter a year ago, which is in line with expectations.
Net interest income of HDFC Bank jumped 21.80 per cent yoy to Rs 7781.44 crore during the quarter under review against Rs 6388.77 crore in the corresponding quarter last year.
Religare Institutional Research was expecting net interest income and net profit of Rs 7,697.60 and Rs 3,242.30 crore from the private lender.
Other income of the bank jumped 14 per cent year-on-year to Rs 2,806.61 crore against Rs 2,461.91 crore in the same quarter last year.
Net non-performing assets (NPA) of HDFC Bank jumped by 13.1 per cent to Rs 1493.39 crore against Rs 1320.37 crore in the previous quarter ended March 31, 2016. Percentage of net NPA to net advances stood at 0.32 per cent against 0.28 per cent in Jan-March 2016 period.
Share price of the company was trading 0.46 per cent down at Rs 1226.40 at 12.10 pm.
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