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HDFC Bank posts 3,238.9 crores net profit in Q1 results

23-July-2016
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HDFC Bank posts 3,238.9 crores net profit in Q1 results

HDFC Bank Ltd. Unveiled its first quarter results in which, the bank earned a net profit of ` 3,238.9 crores, an increase of 20.2 per cent over the quarter ended June 30, 2015, after providing ` 1,713.6 crores for taxation. The Bank’s total income for the quarter was ` 19,322.6 crores, as against ` 16,503.0 crores for the quarter ended June 30, 2015.

Net revenues (net interest income plus other income) increased by 19.6 per cent to ` 10,588.1 crores for the quarter from ` 8,850.7 crores in the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the first quarter of 2016 grew by 21.8 per cent to ` 7,781.4 crores, from ` 6,388.8 crores for the quarter ended June 30, 2015, driven by average assets growth of 20.2 per cent and a net interest margin for the quarter of 4.4 per cent.

Other income (non-interest revenue) stood at ` 2,806.6 crores which was 26.5 per cent of the net revenues for the and grew by 14.0 per cent over ` 2,461.9 crores in the corresponding quarter of the previous year. The four components of other income for the first quarter were fees and  commissions of ` 1,977.9 crores (`1,713.0 crores in the corresponding quarter of the previous year), foreign exchange and derivatives revenue of ` 314.5 crores (` 348.0 crores for the corresponding quarter of the previous year), gain on revaluation / sale of investments of ` 276.9 crores (`125.9 crores in the corresponding quarter of the previous year) and miscellaneous income including recoveries of ` 237.4 crores (` 275.0 crores for the corresponding quarter of the previous year).

Operating expenses for the first quarter were` 4,768.9 crores, an increase of 19.2 per cent over ` 4,000.8 crores during the corresponding quarter of the previous year.

Provisions and contingencies for the first quarter stood at ` 866.7 crores (consisting of specific loan loss provisions ` 832.3 crores and general / floating / other provisions ` 34.4 crores)

Total deposits as of June 30, 2016 were ` 573,755 crores, an increase of 18.5 per cent over June 30, 2015.

Advances as of June 30, 2016 were ` 470,622 crores, an increase of 23.2 per cent over June 30, 2015. As per regulatory [Basel 2] segment classification, both domestic retail loans and wholesale loans grew by 24.5 per cent (as per internal business classification, the growth was 24.9 per cent and 23.7 per cent respectively).

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 15.5 per cent as at June 30, 2016 (15.7 per cent as at June 30, 2015) as against a regulatory requirement of 9 per cent. Tier-I CAR was at 13.3 per cent as on June 30, 2016 compared to 12.8 per cent as at June 30, 2015.

Gross non-performing assets (NPAs) were at 1.04 per cent of gross advances as on the end of the first quarter as against 0.95 per cent as on June 30, 2015. Net non-performing assets were at 0.3 per cent of net advances as on June 30, 2016. Total restructured loans were at 0.1 per cent of gross advances as of the end of first quarter.

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