HDFC Bank Q1 net zooms 30%
June qtr net profit at Rs12,370cr; Other income at Rs9,230 cr and trading gains of Rs552 cr strengthened bottom line
image for illustrative purpose
Mumbai Core income growth and trading gains helped HDFC Bank post a 29 per cent jump in consolidated net profit for the June quarter at Rs12,370 crore. On a standalone basis, the largest private sector lender reported a 30 per cent jump in net profit for April-June period at Rs11,952 crore. This is one of the fastest profit growths reported by the city-headquartered lender, which recently completed merger of its mortgage financier parent HDFC into itself with effect from July 1 onwards.
A few years ago, it had a multi-quarter run of having a 30 per cent jump in net profits till the slowing economy tempered it to around 20 per cent levels. HDFC Bank, however, showed a decline in profits when compared to the preceding March quarter. In the reporting quarter, core Net Interest Income (NII) grew 21 per cent to Rs23,599 crore, helped by 15.8 per cent advances growth, while the Net Interest Margin expanded to 4.1 per cent on the overall assets.
The other income came at Rs9,230 crore, but it was the trading gains of Rs552 crore as against a loss of Rs1,077 crore in the year-ago period, which helped the bottom line.
