HDFC Bank India’s largest private sector lender, announced a net profit of Rs 16,821 crore for the second quarter of fiscal 2024-25, reflecting a 5 per cent year-on-year rise and beating analysts’ expectations. A survey of seven brokerages had predicted a profit of Rs 16.57 billion.
In a stock exchange presentation, HDFC Bank revealed that its net interest income (NII) rose 10 percent year-on-year to Rs 30,114 crore, although this figure was slightly below the projected Rs 30,306 crore. The bank reported a core net interest margin of 3.46 percent on the basis of total assets and 3.65 percent on the basis of interest-earning assets.
The lender’s gross non-performing assets (GNPA) increased marginally to 1.36 per cent at the end of September, up from 1.33 per cent in the previous quarter. Net non-performing assets (NPAs) also increased, reaching 0.41 per cent as compared to 0.39 per cent quarter-on-quarter.
In absolute terms, gross NPAs increased to Rs 34,251 crore from Rs 33,026 crore, while net NPAs increased to Rs 10,309 crore from Rs 9,508 crore. Provisions for the quarter rose 4 per cent, totaling Rs 2,701 crore, up from Rs 2,602 crore in the previous quarter.
HDFC Bank The stock closed at Rs 1,681.15 on October 18, reflecting a modest rise of 0.47 per cent on the BSE.
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