HDFC Bank’s Q2 profit rises 20%

Srinagar: HDFC Bank’s second quarter net profit increased by 20.1% to Rs 2,380 crore against Rs 1,982 crore in the corresponding quarter last year.
According to a statement issued by HDFC here on Wednesday, Bank’s net interest income surged 23.1% to Rs 5,511 crore in the July-September quarter from Rs 4,476.5 crore in the same period last year. The net interest margin rose 10 basis points sequentially to 4.5% from 4.4%.
Other incomes (consisting of fees and commissions, foreign exchange and derivatives, profit on sale of investments) went up by 11% to Rs 2,047 crore from Rs 1,844 crore during the same period while operating expenses jumped 19.2% to Rs 3,497.90 crore from Rs 2,934.2 crore year-on-year.
The bank’s gross non-performing assets (NPAs) fell to 1.02%, while net NPA remained unchanged at 0.3%.
Operating expenses for the quarter ended September 30, 2014 were Rs 3,497.9 crore, an increase of 19.2% over Rs 2,934.2 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 46.3% as against 46.4% for the corresponding quarter ended September 30, 2013, the statement read.