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HDFC Bank Q2 outcomes: Profit rises 18% to Rs 7,513 cr, beats Street estimates; NII up 17% at Rs 15,776 cr

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NEW DELHI: HDFC Bank on Saturday reported an 18.Four per cent year-on-year rise in standalone internet revenue at Rs 7,513.10 crore for the September quarter.

The non-public lender had reported a revenue of Rs 6,344.99 crore within the 12 months in the past quarter. Analysts at an ET NOW ballot had projected revenue determine at Rs 6,445 crore.

Net curiosity earnings (NII), which is the distinction between the curiosity earnings a financial institution earns from its lending actions and the curiosity it pays to depositors, rose 16.7 per cent to Rs 15,776.40 crore from Rs 13,515 crore within the year-ago quarter.

Core internet curiosity margin (NIM) got here in at 4.1 per cent.

The financial institution made provisions and contingencies amounting to Rs 3,703.50 crore for the September quarter, which included particular mortgage loss provisions of Rs 1,240.60 crore and basic and different provisions of Rs 2,462.90 crore.

The non-public lender had made provisions price Rs 2,700 crore within the year-ago quarter. Provisions, nonetheless, have been decrease than June quarter’s Rs 3,891.52 crore.

Asset high quality improved, with gross non-performing property (NPAs) falling to 1.o8 per cent of gross advances from 1.36 per cent in June quarter and 1.38 per cent within the year-ago quarter.

That mentioned, if the financial institution have been to account for labeled borrower accounts as NPAs after August 31 and likewise undertake an early recognition of NPA utilizing analytical fashions, the gross NPA would have been 1.38 per cent for September quarter.

The financial institution, as a matter of prudence, has made contingent provisions in respect of such accounts.

Pre-provision revenue for the financial institution rose 18.1 per cent to Rs 13,813 crore.

Total deposits rose 20.30 per cent YoY to Rs 12,29,310 crore as of September 30,whereas advances have been up 15.eight per cent at Rs 10,38,335 crore.

Domestic retail loans grew 5.Three per cent whereas wholesale loans have been up 26.5 per cent for the quarter. Overall, the retail loans stood at 48 per cent of complete advances. Overseas loans accounted for Three per cent of complete advances.

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