HDFC Bank Profit Climbs 18.2%

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HDFC Bank profit climbs 18.2%

The second largest private sector lender HDFC Bank reported an 18.2% increase in net profit. The profit is ₹4,601.4 crore for the quarter ended June 30, 2018.

The lender did not avail the dispensation provided by the Reserve Bank of India (RBI) for spreading the bond losses in four quarters. Instead, it decided to provide the entire mark-to-market loss of ₹391 crore during the April-June quarter.

Provisions and contingencies for the quarter were ₹1,629.4 crore as against ₹1,558.8 crore, of which loan loss provisions were ₹1,432.2 crore as compared with ₹1,343.2 crore.

The bank’s gross non-performing asset ratio was at 1.33% of gross advances as on June 30, 2018, as against 1.30% on March 31, 2018, and 1.24% as on June 30, 2017. In absolute terms, gross NPA rose to ₹9,538 crores from ₹7,242 crore reported in the year-earlier period. The bank’s provision coverage rate was at 70%.

The bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 14.6% as on June 30, 2018, as compared to 15.6% as on June 30, 2017.

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