HDFC Bank Q1 net zooms 20% to Rs 3239 cr

Net NPAs rose to 1.06 per cent of net advances as of June quarter. The bank pushed up its numbers as the net interest income, or the core income a bank earns by giving loans, increased by 21.8% to Rs 7,781.44 crore from Rs 6,388.70 crore previous year.

HDFC Bank Ltd, country’s second-biggest private sector lender by assets, reported a 20 per cent rise in quarterly profit on higher interest and fee income, in line with analysts’ estimates, although its bad loans rose.

Net interest income, the difference between interest earned and interest expended, for Q1FY2017 was around Rs 1,919 crore, up around 20 percent for the corresponding period a year earlier, the bank said.

During the quarter, the bank has allocated Rs 179.5 crore as provisions for bad loans, down 10.4 percent from Rs 200 crore last quarter.

Total income of the bank for the quarter increased by 17.09 per cent to Rs19,322.63 crore compared to Rs16,502.97 crore for the quarter ended 30 June 2015.

Net interest income has grown by 22.2 per cent to Rs 177.5 crore in Q1FY17 from Rs 145.2 crore in same period of last fiscal.

Provisions for bad loans and contingencies were at Rs 213.57 crore for the first quarter in comparison to Rs 321.90 crore in the same quarter a year ago. We have very little restructured assets, which is only 0.1 per cent of out total assets.

Net non-performing assets stood at 0.3 per cent of net advances as of 30 June 2016.

Mindtree is now trading at Rs 574.20, down by 39.60 points or 6.45% from its previous closing of Rs 613.80 on the BSE.

Shares fell 2.17 percent on the Bombay Stock Exchange after the earnings announcement.

After opening higher, the BSE Sensex slipped into the negative zone on profit-book and touched a low of 27,687.54.

Last one week high and low of the scrip stood at Rs. 669.00 and Rs. 610.50 respectively. The current market cap of the company is Rs. 312343.76 crore.