HDFC Bank net profit at Rs 3,455 cr, up 20% in Q2

HDFC Bank reported net profit of Rs 3,455 crore, 20.4 per cent year-on-year growth in quarter ended September’16. This was in line with Bloomberg estimates of Rs 3,456 crore. Net interest income (interest earned less interest expended) at Rs 7,994 crore grew by 19.7 per cent year-on-year, while net revenue at Rs 9,233 crore expanded by 18 per cent year-on-year, slightly below Bloomberg estimates at Rs 10,144 crore.

Net interest margin for the quarter stood at 4.2 per cent. Provisions and contingencies made during the quarter increased by 17 per cent to Rs 749 crore. Advances for the quarter increased by 18.1 per cent to Rs 4,94,418 crore, while total deposits registered 16.7 per cent year-on-year growth to Rs 5,91,731 crore in September’ 16 quarter.

HDFC Bank