Mumbai: Buoyed by a 17.9 per cent increase in fee-income at Rs 692.4-crore, HDFC Bank clocked a net profit of Rs 687.5-crore in Q2 FY 10, up 30.2 per cent over the year-ago period.
The private sector bank`s net revenues rose 18.1 per
cent at Rs 2,963.2-crore, up 18.1 per cent over Rs
2,509.6-crore in the year-ago period, a bank statement said.
Net interest income for the quarter ended September
30, 2009, stood at Rs 1,955.8-crore with net interest margin
(NIM) at 4.2 per cent.
Other income of the bank grew 56.6 per cent from Rs
643.1-crore to Rs 1,007.4-crore.
The bank said that operating expenses remained stable
at Rs 1,370.2-crore. Provisions and contingencies (comprising
primarily loan loss provisions) for the reporting quarter were
Rs 594.1-crore as against Rs 658.8-crore in the year-ago
The bank`s total balance-sheet size touched Rs
1,93,941-crore as at September 30, 2009, with total deposits
at Rs 1,49,805-crore and gross advances at Rs 1,15,104-crore,
the statement said.
Retail loans at Rs 62,652-crore comprised 54.4 per
cent of gross advances, HDFC Bank`s Executive Director, Paresh
"Corporate loans grew faster in Q2 FY 10 but there
has been a pick-up in retail loans as well," Sukhthankar said,
adding that there is now momentum in retail loans as well.
The bank`s portfolio quality remained healthy with
gross non-performing assets (NPAs) at 1.8 per cent of gross
advances and net NPAs at 0.5 per cent of net advances.
The bank`s provisioning for specific loan-loss
provisions for NPAs remained higher than regulatory
requirements, the statement said.
Total restructured assets, including applications
received for loan restructuring which were yet to be approved
or implemented were 0.56 per cent of the bank`s gross advances
as of September 30. Of this, amounts categorised as standard
assets were 0.25 per cent of the bank`s gross advances, the
Sukhthankar did not expect any problem on the NPA
front, saying that the "increasing trend of NPAs witnessed a
few months ago has stabilised."
HDFC Bank`s capital adequacy ratio stood at a robust
15.7 per cent.