HDFC Bank net profit rises 26.8% to Rs 6,345 crore in Q2 FY20

HDFC Bank registered an increase of 26.8 per cent in net profit on an annual basis for the quarter ended September 30, 2019. The private sector lender made a net profit of Rs 6,345 crore during the quarter under review, as opposed to Rs 5,005.73 crore in the corresponding quarter last year.

HDFC Bank's net interest income for the second quarter of current fiscal grew 14.89 per cent to Rs 13,515 crore from Rs 11,763.4 crore for the quarter ended September 30, 2018. The growth was driven by average asset growth of 15.0 per cent and a core net interest margin for the quarter of 4.2 per cent, the bank said in a regulatory filing.

Other income of HDFC Bank for the quarter under review stood at Rs 5,588.7 crore, amounting to an increase of 39.2 per cent over Rs 4,015.6 crore in the corresponding quarter last fiscal. Its total income for the September quarter was at Rs 33,755 crore, up 19.6 per cent from Rs 28,215.2 crore in comparison to the year-ago period.

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HDFC Bank reported provisions and contingencies to the tune of Rs 2,700.7 crore for the quarter ended September 30, 2019, consisting of specific loan loss provisions of Rs 2,038 crore and general provisions and other provisions of Rs 662.7 crore. This figure for the same quarter last year stood at Rs 1,820.0 crore. Pre-provision Operating Profit (PPOP) stood at Rs 11,698.1 crore, 23.4 per cent higher than the corresponding quarter of the previous fiscal.

"Total deposits as of September 30, 2019 were Rs 1,021,615 crore, an increase of 22.6 per cent over September 30, 2018. CASA deposits grew by 14.7 per cent with savings account deposits at Rs 264,445 crore and current account deposits at Rs 136,791 crore," HDFC Bank said in its statement.

"Total advances as of September 30, 2019 were

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